It's the time of the season for which people desperately wait to shop for incredible bargains, even plan to buy Christmas presents in advance. Still, the numbers show that crowds were thinner — in line with analyst expectations that high inflation, an ever-growing shopping window, and simple fatigue would weigh on consumers.
"Black Friday isn’t what it used to be," said Washington Post.
Where some people were excited to find parking in a less crowded mall, Susan Cluse, 63, said this is the only time of year she likes to shop. This year, though, she’s disappointed, noting that the discounts at places like Urban Outfitters and shoe seller Clarks were not as generous as she’s seen before. “We’re not finding the deals.”
As per Washington Post, for retailers, it's not for lack of effort. Many big chains have been running Black Friday specials since October, in part to help clear out massive inventories. But they're also absorbing higher labor and supply chain costs and eating into their margins.
While consumers have become more intelligent and more strategic about spending their money and have shown remarkable resilience in the face of this year's stubbornly high inflation, cracks are forming.
Prices in October were up 7.7 percent from a year earlier, according to federal data released earlier this month.
Although still well above normal levels, it has improved compared to the year. Polls show that even wealthier Canadians and Americans are feeling the pinch. They still buy but show more reluctance.
Consumers are still spending the bulk of their budgets on essentials like groceries and gasoline, according to last week's Canadian and U.S. Census Bureau retail sales report, which showed sales rose 1.3% in October.
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