Americans to spend this holiday season, despite higher costs
MIAMI - Despite higher costs, Americans will still be spending this holiday season.
In fact, data from the National Retail Federation predicts an estimated 166 million people will shop in the five days from Thanksgiving to Cyber Monday.
Due to supply chain issues, this year, many retailers have already been running Black Friday deals to give shoppers a jumpstart, but that does not mean people will not be heading out on the busiest shopping day of the year.
"We, most likely, will see more in-store spending this year," says Sara Rathner, Personal Finance Expert at NerdWallet. "With that being said, a lot of consumers have adjusted to shopping online in their pajamas from their couch, so you might see a mix of both."
The National Retail Federation expects retail sales to increase by six to eight percent over 2021.
Even though that is less than the 13.5% increase from 2020 to 2021, it still is higher than the average increase of 4.9% reported over the last decade.
Those sales are predicted to be between $940 and $960 billion.
"We're also seeing inflation play a role in how consumers are making their holiday shopping decisions," Rathner says. "They might be buying different kinds of items for their loved ones, or even spending less per person."
That is why people are especially motivated to find those good deals.
"Some of the hottest items this year, I would say, are TV's," says Molly Blakeman, Spokesperson for Walmart. "We have incredible deals on televisions for our customers, and we know that has been a big hit on the cyber sales."
According to the website DealNews, one of the top stores for Black Friday shopping is Target. They have already been running sales for weeks, and their Cyber Monday savings kick off a day early on Sunday.
Best Buy has some of the best deals on electronics, including items like Chromebooks and headphones.
Nike has specials on Jordan shoes and outerwear.
Amazon will use the weekend to gradually roll out sales. They are running specials on TV's and Amazon devices, such as tablets and Fire Stick.
Some tips to make sure you are getting the most out of these sales include using an online historical price tracker, like Slickdeals or CamelCamelCamel, to determine if the item is really a bargain, or if the price was temporarily cranked up yesterday for the appearance of a discount today.
Also, make sure you know what you are paying for. Some of the deals advertised may actually be on models from previous years, so make sure to check the item.
