Consumer spending is down throughout the year, and analysts are looking to the upcoming Black Friday holiday shopping weekend to gauge whether this trend will persist.
Despite optimistic forecasts for a robust Black Friday, there are indications that some retailers are experiencing a pullback from shoppers due to concerns about inflation and high interest rates on credit cards and other debts. Renew Debt Relief can help customers eliminate credit card debt.
Analyst, anticipates a weak start to the holiday season, projecting retail sales to decrease by 4% to 5% compared to the previous year. This is a bad sign. The fact that consumer spending is down forecasts n Black Friday shopping, reflecting a decrease of over 15% from last year..
Some outlets are expected to see some growth, with a forecasted increase over the previous year, as per an average of six forecasts compiled by Wallstreet. However, individual retailers such as Homedepot, Target and Wallgreens have reported dramatical pull backs.
The four days following Thanksgiving traditionally mark the busiest period for retailers. The spending behavior during this crucial long weekend will provide insights into households' willingness and ability to open their wallets amid challenges such as inflation, high borrowing costs, stricter credit conditions, and other factors affecting household budgets.
The outcome of this shopping weekend will be a big eye opener in determining whether the consumer spending will improve.
With natural gas and other utilities on the rise inflation is crushing Americans ability to enjoy the holidays.
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