Welcome Change
Major retailers like Kohl’s, Target, Macy’s, Walmart, J.C. Penney, Best Buy, even Costco will be closed on Thanksgiving day but open as early as 5 a.m. or 6 a.m. on Black Friday according to BlackFriday.Com.
That’s a welcome change but it puts all the more emphasis on Black Friday.
Retailers Attempt to Lure Price-Weary Shoppers With Deep Discounts
The Chicago Tribune reports Retailers Attempt to Lure Price-Weary Shoppers With Deep Discounts
The American Girl store advertised a Black Friday early access sale at 20% off. Forever 21 was up to 70% off, American Eagle was up to 60% off, Hollister was 25% to 40% off and Aeropostale advertised price cuts of between 50% and 70% off. (For most deals, exclusions applied.)
Nearly 60% of people surveyed by research firm Numerator said they were worried about being able to afford holiday gifts. And 93% said they planned to adjust their shopping habits to afford rising prices, such as by seeking out additional sales or buying gifts for fewer people.
The Children’s Place CEO Jane Elfers said in a November earnings call. “Our customer is in a position now where they’re going to have to make choices between discretionary spending and essential spending.”
“People have asked me, ‘What’s the trend, what’s the hot trend for the holiday season?’” said Gabriella Santaniello, founder of the retail research firm A Line Partners. “Your budget is your hot trend. If a retailer runs 40% off on Black Friday, they’ll probably be 40% off on Monday.”
Mish Advice
Spend as little as possible, exchange fewer gifts or better yet cancel exchanges altogether except for the kids.
A recession is coming. The Yield Curve is the Most Inverted in Over 40 Years.
Never has the yield curve inverted so much without a recession happening. Layoffs have started in tech and will spread.
So do yourself a favor and spend more time with friends and family and less on things you don’t really need.
Happy Thanksgiving.
This post originated at MishTalk.Com.
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