Black Friday marks a return to familiar holiday shopping patterns, but inflation is weighing on consumers.
Elevated prices for food, rent, gasoline and other household costs have taken a toll on shoppers. As a result, many are reluctant to spend unless there is a big sale and are being more selective with what they will buy — in many cases, trading down to cheaper stuff and less expensive stores.services like Afterpay that allow users to pay for items in installments, as well as running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy.
Katie Leach, a social worker in Manhattan, was also browsing the aisles at Walmart but said she will start holiday shopping during the first week of December as usual. This time, however, she'll be relying more on bargains, her credit card and “buy now, pay later” services to get her through the shopping season because of surging prices on food and other household expenses.
Major retailers including Walmart and Target are again closing their stores on Thanksgiving. And many moved away from doorbusters, the deeply marked down items offered for a limited time that drew crowds. Instead, the discounted items are available throughout the month, on Black Friday or the holiday weekend.
Adobe Analytics expects online sales to be up 2.5% from Nov. 1 through Dec. 31, a slowdown from last year's 8.6% pace when shoppers were uncertain about returning to physical stores.
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