The weekend, which runs from Black Friday to Cyber Monday, is expected to break records this year as shoppers, hit by inflation and waiting for deals, take advantage of deals online and in stores.
US retail sales are expected to reach a record $75 billion between Black Friday and Cyber Monday, according to Bain's Black Friday predictions.
This estimate equates to a 5% increase in retail sales compared to the same period in 2023, which is higher than the 2.5% to 3.5% growth rate expected for the entire holiday shopping season. National Retail Federation.
The busy Thanksgiving weekend will likely account for 8% of all holiday sales, the highest share since 2019, according to Bain.
Consumers hit by stubborn price hikes are cutting back on discretionary spending to cope with high daily expenses, but experts say shoppers can expect deep discounts and splurges. , predicting strong Black Friday and Cyber Monday sales.
“I think people are waiting for these great deals,” RJ Hottovy, head of analytics and research at Placer.ai, told the Post. “People want to spend time around a big holiday or event, but it's usually pretty close to the holiday. It's this in-between period that people are a little bit reluctant to spend.”
According to , more than half of U.S. consumers plan to shop on at least one major sale day. molecule.
Americans have grown frustrated with the hefty price tags of everyday purchases and are shunning items such as dining out and luxury goods as inflation drives up their prices.
“In general, people are worried about their finances,” Erika Sandberg, a personal finance expert who has worked at BankRate and CardRates.com, told the Post.
“Inflation continues to put pressure on regular household budgets, limiting non-essential spending. Credit card debt is also at record levels, and high interest rates mean less money is available for additional spending. ”
“Perceived savings” will be a big factor in attracting price-conscious consumers, and could even bring back the days of crowded door-to-door sales, Hottobee told the Post.
“There are already economic conditions afoot that could impact consumer spending. Consumers are feeling positive about the election and what lies ahead, markets are strong and inflation is falling,” H Squared said. Hisa Herzog, chief retail analyst at Research and adjunct instructor at Parsons School of Design, told the Post.
Herzog said the last thing retailers need in a year of big spending is good weather.
But more than a quarter of consumers plan to use the shopping holiday to save money on everyday items like groceries and groceries, another sign that Americans are still feeling the pain of persistent inflation. , points out Mr. Molecule.
“I wouldn't be surprised if more consumers buy essential items this holiday season,” Hottovy said. “It's a tough environment with things like insurance and rent.”
Online shopping will continue to be a popular trend among consumers. Molecule said last year was the first time more than half of U.S. households made purchases online over Thanksgiving weekend, and experts expect similar results this year.
“Retailers like Amazon and Walmart have a pricing advantage,” Herzog told the Post. “Black Friday and Cyber Monday always feature promotions on essential items. Customers will take advantage of these promotions to stock up.”
