Black Friday Spending to Decrease This Year
- * 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).
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.