Consumers this year are in the mood to save money and look for the cheapest goods.
In the United States, only 20% of consumers plan to shop on Black Friday, says research by consulting firm PwC. According to the Holiday Outlook 2022 survey, 17% plan to wait with their purchases until the first weekend after Thanksgiving. Most - 41% - expect to wait for discounts to begin Thursday through the Monday after Thanksgiving.
The survey noted that about 75% of respondents expect to raise prices on items in the upcoming sale. 74% of shoppers plan to keep holiday spending at last year's level.
Many major retailers, including Walmart and Kohl's, have already launched pre-holiday sales and set special prices on a number of products. Overall, however, discounts are still lagging behind last year's levels.
Consumers this year are in the mood to save money and look for the cheapest goods. More than half of the respondents said they were concerned about the rate of inflation. Overall, consumers plan to spend an average of $1430 on gifts, travel and entertainment this year, which is comparable to spending last year and 20% more than in the crisis year of 2020.