Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Thin Black Friday crowds mark U.S. holiday shopping kickoff

Stock Markets Nov 25, 2022 08:10PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A woman passes by signs advertising sales of Black Friday in the Manhattan borough of New York City, New York, U.S., November 26, 2021. REUTERS/Jeenah Moon/File Photo
 
AAPL
-1.96%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AMZN
-0.76%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
WMT
+0.43%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HPQ
+0.80%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DLTR
+0.79%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ADBE
-0.44%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Arriana McLymore and Doyinsola Oladipo

(Reuters) - Thin crowds of inflation-weary consumers hunted for Black Friday deals at stores in big cities including New York, Los Angeles, Chicago and other locales, marking the start of a U.S. holiday shopping season crucial to retailers in an uncertain economy.

Many shoppers who opened their wallets said their purchases were strategic, not impulsive or splurges.

"We've been waiting" for discounts, said Tulio Rose, 28, who picked up a big-screen TV at a Best Buy store in Los Angeles, while shopping with Barnisha Nill, 35. They saved about $500 on the 85-inch (2.16-meter) Samsung (KS:005930) TV for their new apartment.

About 166 million people were planning to shop from Thursday's Thanksgiving holiday through this coming "Cyber Monday," according to the National Retail Federation, almost 8 million more than last year. But with sporadic rain in some parts of the country, stores were less busy than usual on Black Friday.

"Usually at this time of the year you struggle to find parking. This year, I haven't had an issue getting a parking spot," said Marshal Cohen, chief industry adviser of the NPD Group Inc.

"It's a lot of social shopping, everybody is only looking to get what they need. There is no sense of urgency," Cohen added, based on his store checks in New York, New Jersey, Maryland and Virginia.

At the American Dream mall in East Rutherford, New Jersey, there were no lines outside stores. A Toys 'R' Us employee was handing out flyers with a list of the Black Friday "door buster" promotions.

Those who made it to the mall were surprised at the deals.

"There's a lot of deals that weren't advertised. Some of the stores I got 50% off everything I bought," said Christine Chavez, 45. She added that she is primarily gift shopping and picked up items from Victoria Secret and Torrid.

"I was hesitant to come to the mall, and I have to say I'm pleasantly surprised," Chavez added.

Many shoppers looking for Apple (NASDAQ:AAPL)'s latest high-end phones returned empty handed from its stores as the technology company struggles with production snafus in China.

ONLINE PREFERENCE

At a Dollar Tree (NASDAQ:DLTR) store in Rockville, Maryland, shoppers said they were looking for specific items or picking up household items like sodas and dish sponges.

J.R. Moran, 49, gripped strands of red and green tinsel and felt antlers, which he planned to use for an "ugly sweater." But he said he would make other holiday purchases online.

"Online shopping is more convenient nowadays," Moran said.

Online sales will reach between $9 billion and $9.2 billion this Black Friday, a report from Adobe (NASDAQ:ADBE) Analytics showed. The projection is slightly ahead of the company's earlier forecast of $9 billion, which would represent a modest 1% increase from last year.

According to Adobe, U.S. shoppers spent nearly 3% more online on Thanksgiving Day with purchases made on mobile phones driving the increase. Adobe Analytics, which measures e-commerce by tracking transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States.

WARY CONSUMERS

Americans, especially from low-income households, are expected to pull back this year as inflation and higher energy prices pinch spending power. Europe's retailers face a worsening cost-of-living crisis and the distraction of the soccer World Cup.

Retailers are offering steep discounts both online and in stores, which may pinch profit margins in the fourth quarter.

Consulting firm Kearney said its checks showed apparel retailers were the most active with sales, offering as much as 60% off on merchandise. TV sets and electronics also bore strong discounts to tempt consumers who have been tightening their purse strings.

Walmart (NYSE:WMT) ramped up marketing for the holiday, purchasing ad space on Twitter and Instagram, during National Football League games and on billboards near New York City's Penn Station.

Amazon (NASDAQ:AMZN) was offering a plethora of deals, including up to 42% off on Roomba vacuums, 45% off on Calvin Klein men's T-shirts and up to 50% off on Chromebooks from Lenovo, HP (NYSE:HPQ), Acer and ASUS.

"It's hard to tell how Black Friday is panning out so far," said Michael Brown, a partner at Kearney. "We have to look at the whole holiday season. The slowness in purchasing might get pushed out to Cyber Monday or further."

Black Friday is expected to bring in $9 billion from online sales, a modest increase of 1% from last year, with shoppers now flocking to brick-and-mortar stores after a COVID-19 pandemic-led pause over the last two years.

Thin Black Friday crowds mark U.S. holiday shopping kickoff
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
WILLIAM HAGERTY
WILLIAM HAGERTY 18 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They offered deals all month.
Jay Garrelts
Jay Garrelts Nov 25, 2022 7:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump and Biden doubled our nation’s money supply everyone has money lol
Luis Bustamante
Luis Bustamante Nov 25, 2022 5:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is another real proff the we are in deep shot
Teena Marie
Teena Marie Nov 25, 2022 4:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Streaming and the demise of  local newspapers are contributing to the retail store apocalypse that began before COVID. An alternative worth considering is for retailers to mail holiday post cards to their neighborhood customers. A reminder that they still exist and a convenient drive to awesome sales.
Stephen Fa
Stephen Fa Nov 25, 2022 3:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bidenomics!
Brad Albright
Brad Albright 22 hours ago
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Says the guy who predicted we'd be in a recession by now, $129 oil and a red wave election. It looks like you are more interested in a script than an accurate understanding of the world.
lakes Tenn
lakes Tenn Nov 25, 2022 3:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
huge black Friday sales, 80% off, everything reduced to pre Biden presidency
EL LA
EL LA Nov 25, 2022 3:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Maybe there's no hurry now that they are no longer punished for stealing.
Mike Hawk
Mike Hawk Nov 25, 2022 1:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The American consumer is finished
Jeff Gordon
Jeff Gordon Nov 25, 2022 11:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
There are no sales anymore, no one day specials, nothing. I'm not sure what these companies are thinking when people are looking for their fun black Friday shopping and there's no real destination. Terrible marketing
Hayden Hoggard
Hayden Hoggard Nov 25, 2022 11:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thanks for the years of entertaining races, Jeff!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email