Thanksgiving shoppers disappointed retailers early Friday after stores missed the regular crowds looking for Black Friday deals.
Amid bad weather and rain that kept buyers at home, the busiest shopping day of the year might not give the desired results for the struggling retail sector.
Most retailers are under pressure to deliver on Black Friday, after reporting a slowdown in sales heading into the profitable holiday shopping season.
Macy’s, Target, Kohl’s and Gap were among the retailers reporting a slump in sales in late October and early November, forcing some of them to cut its holiday-quarter outlook.
As 40-year high inflation keeps hitting the wallets of American families, shoppers seem to be holding out for the biggest and best deals.
According to the National Retail Federation, over 166.3 million buyers are expected to shop during the weekend that stretches from Thursday through Cyber Monday. That would be nearly 8 million people than a year ago and the highest estimate since tracking the data in 2017.
The NRF is predicting a 6% to 8% increase in sales.
According to Reuters, a survey of nearly 1,700 U.S. consumers by S&P Global Market Intelligence shows that 26% are looking to spend less this holiday season, 66% expect the same spending while only 7% said they will spend more.