Millions of shoppers expected on Black Friday despite record inflation
MEMPHIS, Tenn. (WMC) - Who is ready to hit the stores on this Black Friday? The annual shopping holiday is one of the biggest shopping days of the year, the question this year is will record inflation keep shoppers from spending?
The economic recovery from COVID-19 has thrown a wrench in the supply chain hitting businesses and then shoppers.
The National Retail Federation says it feels pretty good about the holiday season.
Between Thanksgiving and Cyber Monday this year --- they expect there will be nearly 2 million more shoppers than last year.
And each shopper is projected to spend about $1,000 during the holiday season.
“Consumers are healthy, with $4 trillion in savings on the sidelines. They have paid down debt. We’ve seen 5 trillion dollars of fiscal stimulus,” said Matthew Shay, National Retail Federation CEO and President Matthew Shay.
Now because of supply chain issues, shoppers are buying early; 46% of shoppers say they plan to shop earlier than normal.
The National Retail Federation also says when it comes to inflation on prices it’s going to take a few months, and that in many cases, it’ll be well into next year before we see these things come back into balance.
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