Source: AFP
US retailers’ efforts to woo holiday gift shoppers are building to a crescendo this weekend as the Black Friday shopping day kicked off with deep discounts.
The post-Thanksgiving day of big sales, a custom increasingly adopted in Europe and other markets, comes amid lingering worries about the economy this year.
As a result, the divergences are expected to be especially deep, reflecting the pressure stores are under to lure US consumers who are suffering from persistent inflation for some goods and the lingering effects of the Covid-19 turmoil.
‘Black Friday’ will be followed by the newest ‘Cyber Monday’ as the industry tries to entice bargain hunters.
On Friday, crowds surged through the doors of Macy’s department store in Manhattan when it opened at 6:00 a.m. (11:00 GMT) after a symbolic countdown.
Consumers said they were not only looking for deals, but were happy to enjoy the festive atmosphere.
![](https://images.yen.com.gh/images/39076442ebdacfc5.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/39076442ebdacfc5.jpg?impolicy=cropped-image&imwidth=256)
Read also
Amazon hit by ‘Black Friday’ strikes in Europe
“It’s Black Friday, and there are great sales. And there’s no better place than Manhattan to go Christmas shopping,” said shopper Sandee Foster, 74.
Another customer, Cristina Carradero, 30, from Puerto Rico, said it was a tradition to go Black Friday shopping with her mother.
Source: AFP
“We just have a different version here in New York,” he said.
On Nantucket, an island off the coast of Massachusetts, President Joe Biden went shopping with a stop at a bookstore he called a “tradition.” Biden and his family make an annual trip to the luxury vacation spot for Thanksgiving.
Meanwhile, e-commerce giant Amazon has been hit by strikes at sites in Britain, Germany and Italy during its annual shopping spree as workers demand higher wages and better conditions.
Picky consumers
Source: AFP
Forecasters expect heavy consumer traffic, with the National Retail Federation (NRF) predicting more than 182 million consumers will shop in stores and online over the weekend.
![](https://images.yen.com.gh/images/8a5b19e96c810f53.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/8a5b19e96c810f53.jpg?impolicy=cropped-image&imwidth=256)
Read also
Argentine shopkeepers are struggling to keep up with rising prices
That attendance would exceed last year’s level by 16 million and would be a record since the trade group began tracking the period in 2017.
While Black Friday itself remains vital, stores have been offering deals for weeks, pushing Black Friday sales earlier in October.
The opportunities reflect hyper-competition among retailers trying to win over consumers who are inundated with offers in digital spaces.
A buyer from New York who gave his name only as Raf, 23, said staff were more “aggressive” in bidding than before.
“Consumers won’t sit out, but they will spend less,” said Randy Allen, a senior lecturer at Cornell University. “Retailers are worried.”
Particularly hot items this holiday season include staples like Lego and Hot Wheels, along with Barbie, who is still basking in the glow of this summer’s hit movie.
Game consoles remain in demand, along with Meta Quest 3, a virtual reality headset, new iPhones and tablets.
![](https://images.yen.com.gh/images/af6a924c0d2b527b.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/af6a924c0d2b527b.jpg?impolicy=cropped-image&imwidth=256)
Read also
The reopening of HMV raises hopes of a revival for London’s Oxford Street
However, with lingering inflation for groceries and other essentials, many shoppers will only buy items if they are on sale.
“The shopper will be looking for items they really want and need,” said Neil Saunders, CEO of GlobalData.
Saunders said retailers were “carefully targeting discounts” rather than “having a free-for-all”.
Higher interest costs
The NRF has forecast overall holiday sales growth of between 3 and 4 percent, which would signal a return to the pre-pandemic trend of more moderate increases.
Source: AFP
While inflation has slowed from a year ago, interest rates remain high. This can lead to punitive interest costs if consumers default on their credit cards.
Households also have less excess cash than a year ago, and those with student loans are again on the hook for interest payments after the moratorium ends.
Although consumers have been boosted by a strong labor market that has kept unemployment below 4 percent, Allen pointed to recent layoffs and meager bonuses in some high-paying industries.
![](https://images.yen.com.gh/images/ca9211dd1c76b76f.jpg?impolicy=cropped-image&imwidth=256)
![](https://images.yen.com.gh/images/ca9211dd1c76b76f.jpg?impolicy=cropped-image&imwidth=256)
Read also
US economic uncertainty means bigger Black Friday sales.
These include banking and technology, “covering” vulnerabilities and potentially burdening sales.
Source: AFP