Record levels of shopper spending are expected this holiday season despite inflation and supply chain woes driving up the price for holiday favorites like TVs.
LSU Marketing Professor Dan Rice told WWL the price increases, per the US Department of Labor, are going to really impact shoppers looking to score a new TV or appliance. TVs are up about 13% and appliances have seen a 7% hike year to year.
“Particularly for items in shortage like computers, with some of the chip shortages that they have, are tending to be a little bit higher than they have been in the past.
Despite the price increases on most goods, the National Retail Federation is still expecting an 8% increase in holiday spending per shopper this year, pushing overall spending to record levels.
Rice said in states where COVID has waned and mask mandates have been dropped he expects brick and mortar stores to be jam-packed on Friday.
“Typically overall there are more savings right now so we may get people eager to get back out, eager to get in-person shopping done, and see a little bit of what has been termed revenge spending,” said Rice.
Be warned, because inflation has prices creeping up across the board it could be tougher than ever to find a Black Friday deal worth standing in line for.
“Like is true of any of these sales you really have to know what you are looking at and do your homework,” said Rice. “Sometimes you can get a great deal, maybe it is on a closeout, maybe it is on an open box deal, but you have to know what the baseline price is.”
Rice added that these days retailers are starting to offer sales that compete with, and even beat Black Friday offers at other times in the year.