With Americans already paying more at the pump and in grocery stores, Black Friday deals might be the next victim of price increases due to the rapid rise in inflation.
With the supply chain crisis, labor issues, and product shortages continuing to be the lead factors in an inflation rate that is the highest it's been in decades, holiday shopping this year won't look the same as years past.
According to data compiled by Adobe Digital, holiday shoppers should not expect to see the same discounts and savings for Black Friday or Cyber Monday as they have in the past, ABC News reported.
Vivek Pandya, the lead analyst at Adobe Digital Insights, shared more about how inflation continues to affect Americans.
"Consumers are now seeing a double hit to their pocketbooks, with everyday expenses like rent and gas rising, while the big holiday shopping season is going to get more expensive," Pandya said in a statement, ABC News reported. "After 17 consecutive months of online inflation, we are entering a new normal in the digital economy."
In October, online prices shot up 1.9% year-over-year, according to Adobe's Digital Price Index released on Thursday. That number may not seem high, but in comparison, prices were down 6.6% in October 2019, ahead of the holiday season.
Adobe's report found that home improvement tools, a popular Christmas gift, increased 1.2% compared to being discounted 6.8% during the same time period last year. The report from Adobe also found that discount levels for electronics were at 8.7% in early November compared to 13.2% at the same point the previous year.
These weren't the only categories to see an increase as apparel was found to be up 9.81% year-over-year in October when it is usually down around 1%. Even fresh flowers and other related gifts have been affected by inflation, seeing an increase of 14.14%.
In all 18 categories examined by Adobe, books was the only one not to see an increase in online prices compared to historical averages.
Experts with Adobe said their findings are important to keep in mind, so shoppers are not wondering on Dec. 1 why their credit card bills are so high.
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