An estimated 165 million shoppers will be crowding malls and clicking for bargains starting Thursday morning through Black Friday weekend.
A survey conducted by Bankrate shows the results of a new consumer survey to forecast how much money Americans will be spending this holiday season.
74 percent of U.S. adults will not increase their holiday spending this year
This includes 22 percent who intend to spend less than they did last year
Just under a third (27 percent) of those who won’t increase their spending say it’s because they are concerned about the state of their finances and/or the economy
Younger millennials (23-29) are the most concerned (33 percent) when compared to older generations
Some 56 percent intend on doing their holiday spending with money they already have rather than borrowing, which is a smart way to sidestep tinsel-trimmed debt, Banrate reports.“Too many people fall into a negative cycle of overspending ahead of the holidays, which at best, sets the stage for a New Year’s resolution to hold the line in the future,” says Mark Hamrick, senior economic analyst at Bankrate. “That will only work if a concerted effort is made to truly save for both short- and long-term needs.”
In 2018, Black Friday broke records, with $6.2 billion spent on that single shopping day alone.
