Black Friday Spending to Decrease This Year

Here are the relevant⁣ facts from the provided text:

*‍ Economic Concerns: Shoppers are anxious about the economy, with 62% of Angelenos expecting it to weaken in the next year (up from 34% in 2023). Concerns‍ about a recession in the next six months are also high.
* Reduced Spending: ⁤Both nationally​ (10% less) and in Los‌ Angeles (14% less), shoppers plan to spend less this holiday season compared to last year.
* Inflation & Prices: Consumers are reacting to economic uncertainty and rising prices/the‍ perception of higher prices.Continuous inflation and tariffs are contributing factors.⁤ Some feel prices are only “normally” what they are after discounts.
* ⁤ Deal Seeking: ⁤Shoppers are ⁢actively seeking deals, with many willing to switch brands to save money. Outlets like Citadel ⁤are popular because of this very reason.
* Saving Strategies: Consumers are employing cost-cutting measures like regifting and considering homemade gifts.
* Retail Predictions: ⁢Despite consumer caution, the National Retail Federation predicts a ⁢record number of shoppers over ‍Thanksgiving ⁢weekend, and expects retail sales to​ grow 3.7%-4.2% compared to last year.
* Consumer Fatigue: Shoppers are fatigued by ongoing inflation and instability, which has been ongoing for a while.
* Examples: ⁢ Camila Romero and her daughter sought deals on Ugg and Coach ⁤items.​ Camryn Smith noted discounts only bring prices down to normal levels.