Shoppers Plan to Cut Black Friday Weekend Spending This Year
- Rahaman Hadisur
- 5 hours ago
- 2 min read
Hadisur Rahman, JadeTimes Staff
H. Rahman is a Jadetimes news reporter covering Business
As the holiday shopping season approaches, Americans are preparing to spend less during the Black Friday weekend than in previous years. A new consumer survey indicates that inflation and concerns about the economy are prompting households to tighten their budgets even as discount shopping remains popular.
The study surveyed about 1,200 U.S. consumers from across income levels between mid October and late October. Respondents said they intend to spend about four percent less on purchases made from Black Friday through Cyber Monday compared with last year. Lower income shoppers earning under fifty thousand dollars annually expect to reduce spending by around twelve percent, while higher income households earning more than two hundred thousand dollars a year anticipate cutting spending by roughly eighteen percent.
Despite the anticipated reduction in overall expenditures, analysts expect robust participation in shopping events over the holiday week. Industry observers say the combination of strong deal activity and ongoing promotions will draw consumers to both malls and online platforms.
The mood among consumers reflects broader concerns about personal finances and job security. The latest University of Michigan sentiment data shows consumer confidence near historic lows, with many households worried about rising prices and employment prospects. Inflation has cooled from earlier peaks but remains a pressure point, with projections of further price increases ahead.
Retailers reported mixed results in recent quarters, with some major chains posting solid earnings driven by value oriented shoppers seeking bargains on essentials. Others faced softer demand on discretionary items as households prioritize necessities.
The use of financing options is rising, with many shoppers planning to use buy now, pay later services to manage holiday costs. Younger shoppers, including Gen Z and millennials, appear more inclined to leverage these tools to stretch budgets during peak shopping periods.
Analysts caution that while early signals show cautious optimism for holiday sales, the effectiveness of promotions and the ultimate pace of inflation will influence actual spending as the season unfolds. Experts say retailers can expect continued competition for consumer dollars as households weigh needs against desires.
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