Economists Predict Strong Holiday Sales Despite Waning Black Friday Interest

3 months ago
Economists Predict Strong, Holiday Sales Despite , Waning Black Friday Interest.
'Forbes' reports that over half of shoppers in the
United States are expected to skip this year's Black
Friday sales, looking for better deals amid high inflation.
Deal-hungry consumers will play
a game of chicken with retailers
this year. They’ll wait till later in
the season for retailers to yield and
give them even deeper discounts, Pamela Danziger, 'Forbes' senior contributor
for luxury retail, via 'Forbes'.
According to 'Forbes,' Black Friday deals have
been losing momentum for the past several years,
as some holiday sales can now start as early as July. .
Oversaturation, which includes Cyber Monday
and Christmas in July, has reduced
the significance of Black Friday sales. .
A significant share of shoppers
familiar with Black Friday sales
events are skeptical that the
discounts offered are genuine, Pamela Danziger, 'Forbes' senior contributor
for luxury retail, via 'Forbes'.
Given the less-than-enthusiastic
interest in Black Friday shopping
this year, shoppers are likely to
wait it out, expecting retailers to
make more attractive bargains
available later in the season, Pamela Danziger, 'Forbes' senior contributor
for luxury retail, via 'Forbes'.
According to National Retail Federation reports,
holiday sales are still estimated to rise
over 3% from 2022, reaching $957 billion.
Economists have been predicting all
year that a spending slowdown was
on the horizon, but consumers have
turned out to be more resilient
than most forecasters expected, Joan Verdon, 'Forbes' retail contributor, via 'Forbes'.
Most of the early holiday spending forecasts thus far have ranged from cautiously optimistic to upbeat, Joan Verdon, 'Forbes' retail contributor, via 'Forbes'.
A recent Deloitte report points out that a 3%
to 4% increase in holiday sales would propel
2023 beyond pre-pandemic spending figures.

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