Despite inflation… Expectations of record American shopping Despite rising inflation, a record number of consumers are expected to shop in the United States during Thanksgiving and Black Friday holidays.
This comes as the cost of celebrating Thanksgiving in general is up 20 percent from last year due to rising inflation, according to official figures.
An estimated 166.3 million people plan to shop from Thanksgiving Thursday through Cyber Monday, according to a survey conducted by the National Retail Federation (NRF) and Prosper Insights & Analytics.
and Cyber Monday, a marketing term for the Monday following the Thanksgiving holiday in the United States.
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The term was issued by marketing companies to persuade people to shop online, and was used for the first time on November 28, 2005, becoming one of the most popular days for online shopping.
If this number is achieved, it will increase 8 million from last year, and exceed the 165.3 million shoppers registered in 2019 before the Corona virus pandemic and high inflation that began to affect American consumers in 2021.
and Prosper Insights & Analytics, a leading global consumer intent data company serving the financial services, marketing technology, and retail industries.
“While there is a lot of speculation about the impact of inflation on consumer behavior, our data suggests that Thanksgiving weekend will see strong in-store shopping with a record number of of consumers, who benefit from value pricing.”
It is also estimated that nearly 33 million people in the United States will shop on Thanksgiving Day, while more than 114 million are expected to visit stores or shop online on Black Friday, the day after Thanksgiving, according to the survey.
The “Small Business” fair, which supports local businesses, is also expected to witness more than 60 million shoppers on Saturday, followed by 31 million on Sunday.
Analysts estimate that about 64 million consumers will benefit from Cyber Monday deals, the second largest day for shopping and the largest day for e-commerce.
The survey, which was conducted between November 1 and 8, and included 7,719 consumers, finds that “Black Friday” is still the most popular day for shopping, with 69 percent planning to shop at that time, and 38 percent on “Cyber Monday.”
NRF estimates that sales during the holiday season, which runs from November to the end of December, will grow between 6 and 8 percent from last year, reaching between $942.6 and $960.4 billion.
** The high cost of Thanksgiving dinner
Before the holiday season last year, Americans faced a 6.2% annual increase in the consumer price index in October 2021.
Sales volumes are expected to increase from last year during the current holiday season, even though inflation is hovering at its highest level in nearly four decades.
The same goes for Thanksgiving when the cost of the traditional dinner, which usually includes turkey, sweet potatoes, peas, greens and pumpkin pie, is up 20 percent from last year.
In this regard, the Association of American Farm Bureaus “ABFB” said in a statement that the cost of a feast for 10 people is estimated at $ 64.05 on average, an increase of $ 10.74 from last year’s average of $ 53.31.
The turkey, weighing 7.26 kg, cost $28.96, up 21 percent from last year.
In the context, Roger Cryan, an economist at AFBF, said in a statement, “General inflation, which reduces the purchasing power of consumers, is an important factor contributing to the increase in the average cost of Thanksgiving dinner this year.”
“Other contributing factors to the cost of the meal include supply chain disruptions and the war in Ukraine,” Cryan added.
The American expert pointed out that “farmers are working hard to meet the growing demand for food, although they are facing high prices for fuel, fertilizers, and other agricultural supplies.”
“We should not take our food supply for granted,” Zippy Duvall, president of the American Farm Bureaus Association, said in a statement.
“Supporting sustainable productive agriculture in the United States and globally is imperative,” Duvall noted.
** Black Friday
Black Friday sales are set to break records again this year, as the day after the American Thanksgiving holiday and one of the biggest shopping bouts in the US, major retailers offer discounts and attractive offers on a variety of goods.
While many have joined the search for the best Black Friday deals, an increasing number of would-be shoppers are taking a stand against consumerism by buying nothing at all.
** Why do we call it “Black Friday”?
The name dates back to the early 1960s, when Philadelphia police began using it to describe the chaos of the countless suburban tourists who flocked to the city for their holiday shopping.
The massive crowds caused headaches for police, who worked longer than usual shifts as they dealt with traffic jams, accidents, shoplifting and other issues.
Today we can witness a similar frenzy around the world as many shoppers seem to lose control of their spending completely as they search for the best deals and discounts they can find.
Some customers even fight with each other trying to buy the latest big screen TV or video game console offered at a discount.