Are you Black Friday shopping or is inflation keeping you from spending your money?
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.
Shoppers are also dipping more into their savings, turning increasingly to “buy now, pay later” 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.
“I am shopping less,” Dalencia said, noting she will spend about $700 for holiday gifts this year, one-third less than last year. 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.
But some pandemic habits are sticking around. Many retailers that closed stores on Thanksgiving Day and instead pushed discounts on their websites to thin out crowds at stores are still holding onto those strategies, despite a return to normalcy.
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