Black Friday Brings Mixed Results for Retailers, Consumers Report Cutting Back on Holiday Spending

Black Friday shoppers wearing face masks shop at a store at the Citadel Outlets in Commerce, Calif., Friday, Nov. 26, 2021. (AP Photo/Ringo H.W. Chiu)
AP Photo/Ringo H.W. Chiu

Black Friday has brought mixed results for retailers and shopping centers at first glance, as some locales appear to have less foot traffic than Black Fridays of the past.

CBS 46  journalist Rebekka Schramm was outside of a Best Buy in Buckhead, Georgia, early Friday morning. “Not much of a line outside the Best Buy in Buckhead before it opened at 5 a.m., but still some good bargains on this #BlackFriday,” Schramm tweeted

“Doors opened at Best Buy in Steele Creek at 5 a.m. for Black Friday shopping. The first person in line only got in line by 3:30 a.m,” WCNC reporter Kendall Morris tweeted from a Charlotte, North Carolina, Best Buy. “This is a store where I’ve seen people camp out days in advance in previous years to score a deal.”

Neil Saunders, who serves as managing director of GlobalData Retail shared that there was no line outside of a Lululemon in Scottsdale, Arizona.

Enthusiasm comparable to past Black Fridays was documented at the Mall of America in Bloomington, Minnesota. “More than 200 people waited in line overnight” in 20-degree weather for Black Friday deals, WCCO reporter Marielle Mohs tweeted.

Due to a struggling economy that has been bogged down by supply chain issues and inflation, consumers can expect price hikes.

One source told the Associated Press that consumers should prepare for bigger price tags on a variety of goods:

Shoppers are expected to pay on average of between 5% to 17% more for toys, clothing, appliances, TVs and others purchases on Black Friday this year compared with last year, according to Aurelien Duthoit, senior sector advisor at Allianz Research. TVs will see the highest price hike on average, up 17% from a year ago, according to the research firm. That’s because whatever discounts available will be applied to goods that are already expensive.

A recent CBS/YouGov poll, which was reported on by Breitbart News, revealed 78 percent of Americans plan to “cut back on holiday gift shopping.” Another 80 percent reported they are “delaying purchases on big-ticket items.”

The poll sampled 2,058 U.S. adult residents between November 15-19. The margin for error is plus or minus three percentage points.

Reportedly, 11.5 percent of consumers plan not to buy “presents, gift cards or other items for entertaining” holiday season, according to CNBC, citing a Deloitte poll. The number is the highest percentage the consulting firm has registered since it began tracking the trend. The data shows that just 4.9 percent planned to abstain from holiday spending in 2020.

The poll was conducted between September 7-14, and 4,315 consumers were surveyed. The margin of error is plus or minus one or two percentage points.

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