AssetID: 53235508
Headline: UNCAPTIONED: Economists Predict Strong Holiday Sales Despite Waning Black Friday Interest
Caption: Economists Predict Strong Holiday Sales Despite Waning Black Friday Interest. 'Forbes' reports that over half of shoppers in the United States are expected to skip this year's Black Friday sales, looking for better deals amid high inflation. "Deal-hungry consumers will play a game of chicken with retailers this year. They’ll wait till later in the season for retailers to yield and give them even deeper discounts." According to 'Forbes,' Black Friday deals have been losing momentum for the past several years, as some holiday sales can now start as early as July. Oversaturation, which includes Cyber Monday and Christmas in July, has reduced the significance of Black Friday sales. "A significant share of shoppers familiar with Black Friday sales events are skeptical that the discounts offered are genuine." "Given the less-than-enthusiastic interest in Black Friday shopping this year, shoppers are likely to wait it out, expecting retailers to make more attractive bargains available later in the season." Pamela Danziger, 'Forbes' senior contributor for luxury retail, via 'Forbes'. According to National Retail Federation reports, holiday sales are still estimated to rise over 3% from 2022, reaching $957 billion. "Economists have been predicting all year that a spending slowdown was on the horizon, but consumers have turned out to be more resilient than most forecasters expected." "Most of the early holiday spending forecasts thus far have ranged from cautiously optimistic to upbeat." Joan Verdon, 'Forbes' retail contributor, via 'Forbes'. A recent Deloitte report points out that a 3% to 4% increase in holiday sales would propel 2023 beyond pre-pandemic spending figures. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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