Americans will spend fewer dollars on Black Friday as rising prices and online shopping further erode the clout of the single-day retail holiday, according to consumer forecasts.
Fifty-one percent of 1,000 shoppers responding to a survey will “pull back on spending” this Friday compared to last year due to inflation, consumer researcher Attest reported. Those shoppers said they are saving money for daily expenses, an economic crisis, energy bills and gas money instead.
“Inflation’s impact is hard to ignore from our research,” said Attest CEO Jeremy King.
Attest found consumers will spend an average of $101-200 on the day after Thanksgiving, down from $300-$500 last year — and clothing has replaced electronics for the first time as the most sought-after item.