Happy Thanksgiving! I hope you all had a wonderful holiday.
But now that Black Friday is here, are you planning on buying any holiday gifts today? Or are higher prices making you rethink how many presents you might buy—or how much you would spend? According to a survey from consulting firm Deloitte, 81% of shoppers plan to spend as much or more than they did just two months ago.
No matter their level of income, all buyer groups said they expect to spend more this weekend and on Cyber Monday, with households earning less than $50,000 a year boosting their spending by 19% to $320, while those with annual incomes more than $100,000 said they will increase spending by 4% to $650.
But with inflation making everything pricier, many families are turning to credit cards to purchase gifts. Nearly half of shoppers surveyed by Deloitte said they would rely on credit, compared to just 35% last year.
The weekend after Thanksgiving is a popular shopping holiday, mainly for its deals. And with so many retailers trying to get as many items as they can off their shelves, it's possible you could snag even better holiday sales than before.
Deloitte's survey found that shoppers trying to take advantage of bargains increased this year, while the National Retail Federation (NRF) has said 166.3 million shoppers will buy their holiday gifts on Thanksgiving weekend this year—almost 8 million more than last year.
This will be good news for investors who are watching consumers and their habits to gauge the strength of the U.S. economy. The more that people shop, the stronger the economy is, making it less likely that we'll crash into a recession next year.
- Kristin
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