WMT - US Shoppers On Black Friday Discount Hunting Spree As Inflation Bites | Benzinga
As the cost of living in the U.S. rises, consumers are anticipated to comb through Black Friday deals for steep discounts, putting strain on retailers and the economy.
U.S. consumers, grappling with inflation, are expected to seek larger bargains this Black Friday, the Financial Times reported. In response, retailers are prepping for deeper discounts to entice these budget-conscious shoppers.
The National Retail Federation predicts a record-breaking 182 million people will shop from Thanksgiving through Cyber Monday, marking a significant uptick from the previous year. Notwithstanding, even as average spending is anticipated to climb by 13%, S&P Global Market Intelligence projects the total sales growth for the holiday season to be a mere 3.3%.
Despite a minor dip in inflation in October, consumers continue to feel financial strain, fostering a sense of caution among retailers. Companies like Home Depot Inc. (NYSE:HD) and Lowe’s Companies Inc. (NYSE:LOW) have reported a decrease in expenditure on major home improvement projects.