Black Friday and Cyber Monday are not the same shopping events that they have been in years past, but shoppers are still looking for holiday deals.
And although consumers are worried about inflation and tariffs, shoppers are still expected to spend a near record amount for the holidays.
Shoppers told the National Retail Federation in a recent survey that they plan to spend an average of $890.49 per person on holiday gifts, food and seasonal decor. That’s the second-highest amount in the 23-year history of the survey and 1.3% lower than last year’s $901.99.
Retail holiday sales in November and December are also expected to be at an all-time high, according to the NRF’s holiday forecast. The organization representing the retail industry expects sales to total between $1.01 trillion and $1.02 trillion.
"American consumers may be cautious in sentiment, yet remain fundamentally strong and continue to drive U.S. economic activity," NRF President and CEO Matthew Shay said in a press release. Shoppers will seek savings in nonessential categories to be able to spend on gifts for loved ones, he said.
