Inflation looms over holiday season shoppers
Some pandemic trends continue
Black Friday shopping tips: Where to find the best discounts
TrueTrae.com smart shopping expert Trae Bodge discusses how inflation is impacting holiday shopping and reveals where consumers can find the best deals on 'Mornings with Maria.'
While the holiday shopping season is underway, inflation and financial hardships have reportedly impacted consumers.
With prices for food, rent, gasoline and other costs elevated, many shoppers were reluctant to spend, barring a large sale.
People are choosing cheaper options and dipping more into their savings, or charging while the Federal Reserve hikes rates.
Macy's CEO Jeff Gennette told The Associated Press that traffic was "significantly larger" on Black Friday during the third year of the COVID-19 pandemic.
BLACK FRIDAY TAKING A BACK SEAT TO SMALL BUSINESS SATURDAY THIS YEAR
A person shops in an Apple store on Black Friday, Nov. 25, 2022, in New York. ((AP Photo/Julia Nikhinson) / AP Newsroom)
While supply issues had delayed products from Macy's and from businesses around the country, this year he assured that Macy's was "set and ready to go."
THAT CHRISTMAS TREE WILL COST YOU MORE THIS YEAR: INFLATION, SUPPLY ISSUES ARE TO BLAME
Notably, some pandemic trends are continuing, with retailers closing stores for the Thanksgiving holiday and moving away from deeply marked-down items for a limited time.
The reflections of passing shoppers are seen in the glass of a Hollister clothing store advertising sales, ahead of Black Friday and the Thanksgiving holiday, Monday, Nov. 21, 2022, in Miami. ((AP Photo/Rebecca Blackwell) / AP Newsroom)
Instead, stores that were shuttered pushed online discounts.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The month between Thanksgiving and Christmas represents around 20% of the retail industry's annual sales.
Customers shop in a nearly empty Macy's on Black Friday, Nov. 25, 2022, in New York. ((AP Photo/Julia Nikhinson) / AP Newsroom)
While the National Retail Federation expects holiday sales growth will slow, the figures are not adjusted for inflation.
Real spending could even be down from a year ago.
CLICK HERE TO READ MORE ON FOX BUSINESS
Conversely, Adobe Analytics expects online sales to be up 2.5% from Nov. 1 through Dec. 31, a slowdown from the 8.6% pace last year.
The Associated Press contributed to this report.