As the holiday shopping season kicks off, many Americans are gearing up for Black Friday. A recent survey shows that nearly two-thirds plan to hit the stores or shop online for deals this year. However, inflation is on everyone’s mind, and it’s affecting how much people are willing to spend.
About 64% of shoppers say they’ll be shopping on Black Friday, with nearly one in three expecting to spend at least $500. But 68% admit that rising prices will influence their spending. In fact, 39% plan to cut back this year due to tighter budgets.
“Americans love a good Black Friday deal, but inflation is making many rethink their plans,” said a finance expert. With prices going up, many shoppers are adjusting their strategies. Over half (54%) will split their time between stores and online shopping, while 32% will shop exclusively online to avoid long lines.
Despite the challenges, Black Friday remains a key day for gift shopping. About 32% of shoppers plan to buy at least half of their holiday gifts that day. Clothing is the top choice at 73%, followed by electronics at 65% and toys or games at 51%.
However, debt is still a concern. The survey found that 38% of past Black Friday shoppers have gone into debt from holiday purchases. As deals start earlier each year, shoppers are being more careful about what they buy. It looks like value and necessity are taking priority over just scoring the lowest price this year.
