Economy

‘We’re going shopping’: Black Friday lures millions to malls

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(NewsNation) — Black Friday shoppers hit malls across the country looking for good deals on things like clothes, toys and appliances.

The National Retail Federation says even with high inflation, a record number of shoppers was expected for the annual sale day.

So far shoppers have spent $78 billion in the first 24 days of November and Black Friday alone is expected to bring in $9 billion in additional online sales, up 1% year-over-year.

“Honestly, I was like I’ll buy breakfast, we’re gonna go shopping,” said Florida Black Friday shopper Erica Chuck.

With about 115 million potential shoppers this Black Friday, many were eager to hunt down holiday deals.

According to the University of Nevada, Las Vegas, Ph.D. Amanda Belarmino, the assistant professor of the William F. Harrah College of Hospitality, “People that enjoy the Black Friday shopping, it is an experience.”

Hanging over that experience is inflation.

Though, the National Retail Federation predicts shoppers will spend between 6% and 8% more this year than they did last holiday season.

Business analyst Hitha Herzog said shoppers are prepared.

“I think between planning ahead and trying to get the best deals and also taking advantage of those in-store payment plans,” said Herzog, chief research officer with H Squared Research LLC. “That is what’s driving people to shop despite rising inflation costs.”


Black Friday: Inflation hovers over shoppers

This year Black Friday shoppers are predicted to spend roughly $9 billion online with the best deals on things like toys, electronics, apparel and appliances.

“We’re seeing this huge amount of inventory,” Herzog said, “And retailers want to get rid of that.”

The top sellers are toys like Hot Wheels, gaming consoles, Apple AirPods, Instapots, and smart TVs.


How to protect yourself on Black Friday and Cyber Monday

And for those online deals, there’s Cyber Monday, when shoppers are expected to spend more than $11 billion.

Cyber Monday is the biggest online shopping day of the year. Analysts say if you’re looking to buy a computer, wait until Cyber Monday or even right after the holidays, as that’s when you’ll see the best deals for those electronics.

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