Inflation overshadow Black Friday; crowd seek big discounts

This year’s Black Friday witnessed massive discounts, but inflation-cautious crowds were seeking only the best deals to manage costs this holiday season.

Last year, consumers were buying early for fear of not getting what they needed due to supply-chain issues. But this year is proving to be a contrast.

As inflation is at its highest in four decades, it led to a surge in the cost of food, rent, gasoline, and other commodities, restricting customers from splurging on shopping.

But that didn’t stop them from bustling stores that offered huge discounts. The numbers are “significantly larger” compared to the last two years when the COVID-19 pandemic affected retail sales.

Online shopping on the rise
Online shopping saw a rise in revenue as consumers found it more convenient. Adobe Analytics had predicted online sales to reach between $9 billion to $9.2 billion this Black Friday.

According to Salesforce data, online stores set about 31% discount rates on Thanksgiving, a 7% hike from last year.

Retailers like Walmart and Target followed their pandemic time sales by closing stores on Thanksgiving Day and adding discounts on their websites.