Inflation gobbling Black Friday savings
Stores are offering 20, 30, or even 70 percent off of everything from blenders to TVs, but many items will end up costing more than last year. From September through October, shoppers paid roughly 18 percent more for furniture and appliances than they did a year ago, according to a report by analysts at DataWeave. Toy prices were about 2 percent higher, but clothing prices dropped, DataWeave reported. Consumers paid nearly 5 percent less during the same period compared to last fall.
Have shopping habits changed? Third-quarter earnings from major retailers like Kohl’s, Target, and Macy’s all noted that shoppers slowed their spending in the past few weeks. Last year, many shoppers—wary of supply-chain delays after the pandemic—started their shopping in early October. But the latest government retail sales report shows retail sales rose last month compared to the previous one, even adjusting for inflation. So, even though spending has slowed compared to last year, sales picked up compared to the month prior.
Dig deeper: Read John Dawson’s report in WORLD Magazine on Thanksgiving and inflation.
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