Holiday spending trending up in the countdown to Black Friday
Black Friday is no longer the 24-hour frenzy it was in years past, but the experts still consider the long weekend, beginning with Thanksgiving, the barometer of how much Americans will spend on the holiday season.
Despite another year of inflation, fluctuating gas prices and high interest rates, “the overall economic picture this year is actually quite good,” University of St. Thomas retail expert Kim Sovell told 5 EYEWITNESS NEWS last week.
Job and wage growth have kept consumers resilient, Sovell added.
The National Retail Federation (NRF) projected more spending this year than last, but at a slower pace amid continued economic uncertainty.
Still, Black Friday is expected to lead the seasonal shopping charge, bringing out 72% of the weekend’s 182 million potential shoppers, according to the NRF.
“We actually did our own survey just recently,” said Mall of America’s chief business development and marketing officer Jill Renslow ahead of the holiday.
“We talked to 2,500 of our fans and people across the country…and 84% of those respondents are planning to shop Black Friday.”
The brick and mortar resurgence is not expected to slow online shopping. Adobe Analytics anticipates online holiday sales in the U.S. will total $221.8 billion. Consumers already spent nearly $77 billion online in October, which is up a few billion from 2022, according to Adobe.
No matter where or when you shop, retail experts say there are a few items worth checking off your list on Black Friday such as smaller appliances like vacuums or anything for the kitchen.
“The number one thing that you should always wait until Black Friday to buy is a TV,” Samantha Gordon with Consumer Reports told ABC News. “We’ve seen year after year that they hit their absolute best prices on Black Friday itself.”