Retailers were offering new Black Friday discounts to lure consumers eager to buy holiday gifts, but inflation was holding back, prompting shoppers to move to physical stores and online. We searched for the best deals on. High prices for food, rent, gasoline, and other essentials made many reluctant. Shoppers have become more selective, opting for cheaper options, increasing their savings, and turning to “buy now, pay later” services that allow installment payments. Some ran out of credit cards at a time when the Federal Reserve was raising rates to cool the U.S. economy.Sheila Diggs, 55, walked into a Walmart in Mount Airy, Md., early Friday morning. Go and look for coffee maker deals and see what else was in the aisles. She said her family has been more cautious about holiday spending this year, with all the adults in her family usually exchanging gifts. But this year everyone is collecting names and picking one for her. “It’s very expensive,” she said. This year’s trend contrasts with her one year ago, when consumers were buying early for fear of not getting what they needed amid stagnant supply networks. Shoppers are looking for the best bargains this year, said Rob Garf, vice president and general manager of retail at Salesforce, which tracks online sales. According to Salesforce data, his Thanksgiving online discount rate was 31%, up 7% from the year before. Consumer electronics, general clothing, cosmetics and luxury handbags saw the biggest discounts. Holiday online sales increased 9% over last year. “Retailers are finally stepping up their discount game and consumers are responding similarly,” he said. Macy’s Herald Square in Manhattan was bustling with shoppers in the early hours of Friday with discounts like her 60% off fashion jewelry and her 50% off select shoes. Macy’s CEO Jeff He Jennette said some of Macy’s online bestsellers in her sale, which began last weekend, included 50 percent off beauty sets. Last year, Macy’s, like many other stores, had supply his chain problems, with some gifts not arriving until after Christmas. Sophia Rose, 40, a pulmonologist visiting Manhattan from Albany, New York, headed to Macy’s with big plans to splurge last year while she was still in school. I’ve budgeted food and gas to cope, but I’ve already spent $2,000 on holiday gifts and plan to spend $6,000 total. Manhattan’s Best Buy store was stacked high with TVs, including a 50-inch Samsung TV that was priced at $297, saving me $82. Her Delmarie Quinones, her 30-year-old health home assistant from the Bronx, said Black Friday she received the laptop and printer she ordered online for $179 (down from $379) as part of her sale. I came to Quinones said her soaring food and other expenses have made her spend less than she did a year ago when she was receiving government child tax credit payments. Her 5 children from 1 year old to her 13 years old. But people are still shopping online for Thanksgiving. Garf said online sales spiked during holiday evenings, suggesting people moved from feasting to phone shopping, and with more holiday travel, much of this year’s online shopping is mobile. He said it was done on his device. “Mobile phones have allowed us to remotely control our daily lives. As consumers settle down after Thanksgiving dinner, they are doing more shopping from their couches,” she said. increase. Against today’s economic conditions, the National Retail Federation, the largest retail group, expects holiday season sales growth to be in the 6% to 8% range, up from a staggering 13.5% a year ago. I expect it to slow down. However, these figures, including online spending, are not adjusted for inflation, so his actual spending could even be lower than he was a year ago. Analysts believe his five-day Black Friday weekend, which includes Cyber Monday, is a key barometer of shopper spending confidence, especially this year. Her two months from Thanksgiving to Christmas represent about 20% of annual retail sales. ______ Hadero reported from her Airlie Mount, Maryland. Olson reported from Arlington, Virginia. Associated Press Personal Finance Writer Cora Lewis of New York contributed to this report.
Retailers offered new Black Friday discounts to lure consumers eager to buy holiday gifts, but inflation weighed down, causing shoppers to search in-store and online for the best deals. rice field.
Soaring prices for food, rent, gasoline and other essentials made many people hesitant to spend unless there was a big sale.
Shoppers were becoming more selective, choosing cheaper options, increasing their savings and turning to “buy now, pay later” services that allow for installment payments. Some ran out of credit cards at a time when interest rates were being raised to cool the US economy.
Sheila Diggs, 55, went to a Walmart in Mount Airy, Md., early Friday morning to look for coffee maker deals and see what else was in the aisles. She said her family has been more cautious about holiday spending this year, with all the adults in her family usually exchanging gifts. But this year, she said, everyone is drawing names and picking one for her because prices are so high.
“Everything is up except your salary,” said Diggs, who manages medical records for a local hospital.
This year’s trend contrasts with a year ago, when consumers were buying early for fear of not getting what they needed amid stagnant supply networks. The stores were having a hard time bringing in their merchandise, so they didn’t need to discount too much.
Shoppers are looking for the best bargains this year, according to Rob Garf, vice president and general manager of retail at Salesforce, which tracks online sales. He said the retailer finally responded this week by introducing more attractive deals online, offering mostly lackluster discounts earlier in the season.
According to Salesforce data, the online Thanksgiving discount rate was 31%, up 7% from the previous year. Consumer electronics, general clothing, cosmetics and luxury handbags saw the biggest discounts. Holiday online sales increased 9% over last year.
“Retailers are finally stepping up their discount game, and consumers are responding similarly,” Garf said.
Macy’s Herald Square in Manhattan was buzzing with shoppers early Friday with 60% off fashion jewelry and 50% off select shoes.
Macy’s CEO Jeff Jennette said Black Friday traffic “has increased significantly” over the past two years.
He said Macy’s bestsellers in an online sale that started last weekend included a 50% off beauty set. Last year, Macy’s, like many other stores, had supply his chain problems, with some gifts not arriving until after Christmas.
“Now we are ready and ready,” he said.
Sophia Rose, 40, a pulmonologist visiting Manhattan from Albany, New York, headed to Macy’s with big plans to splurge last year while she was still in school. You’ve budgeted for food and gas to cope, but you’ve already spent $2,000 on holiday gifts and plan to spend $6,000 in total.
“I’m going to touch every floor,” she said. “That’s the plan.”
At Manhattan’s Best Buy store, TVs are piled high, and Samsung’s 50-inch TV has been slashed to $297, saving you $82.
Delmarie Quinones, a 30-year-old health home assistant from the Bronx, came to pick up a laptop and printer she ordered online for $179 (down from $379) as part of the Black Friday sale.
Ms Quinones said she is spending less than a year ago when she was receiving government child tax credit payments due to soaring food and other expenses.
A mother of five, ages 1 to 13, said, “I can’t get what I used to get. Even when I went back to school, it was hard to get ‘ said.
Big retailers like Walmart and Target have stuck to their pandemic-era decisions to close stores on Thanksgiving Day, moving away from doorbusters and instead pushing discounts on their websites.
But people are still shopping on Thanksgiving — online. Garf said online sales spiked during the holiday evening, suggesting people have moved from feasting to phone shopping. said that much of the online shopping was done on mobile devices this year as vacation travel increased.
“Mobile phones have enabled us to remotely control our daily lives. As consumers settle down after Thanksgiving dinner, they are doing more shopping from their couches,” said Garf.
Against today’s economic conditions, the National Retail Federation, the largest retail group, expects holiday season sales growth to be in the 6% to 8% range, up from a staggering 13.5% a year ago. I expect it to slow down. However, these figures, including online spending, are not adjusted for inflation, so real spending could even be lower than he was a year ago.
Adobe Analytics forecasts a 2.5% increase in online sales from November 1st to December 31st. That’s slowing from his 8.6% pace last year, when shoppers were nervous about returning to physical stores.
Analysts believe that the five-day Black Friday weekend, which includes Cyber Monday, will be a key barometer of shopper spending, especially this year. His two months from Thanksgiving to Christmas represent about 20% of annual retail sales.
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Hadero reported from Mount Airy, Maryland. Olson reported from Arlington, Virginia. Cora Lewis, New York-based Personal Finance Writer for the Associated Press contributed to this report.
