’TWAS BLEAK FRIDAY
Retailers brace for softest Yuletide in five years
Black Friday events appeared to draw lackluster crowds this year, with shoppers laser-focused on discounts and bargains after holding back spending ahead of what is expected to be the weakest holiday season in five years.
The National Retail Federation expects overall sales to increase by 3% to 4% in November and December — the slowest pace in five years — compared with the 5.4% increase last year and the 12.7% spike in 2021 following the depths of the pandemic.
At 6 a.m. on Friday at a Walmart in New Milford, Conn., the parking lot was only half full, according to Reuters.
“It’s a lot quieter this year, a lot quieter,” said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. She was at a nearby Kohl’s at 5 a.m., according to the news service.
Brian Johnson, 56, said it doesn’t feel like he is getting a deal anymore, as he stood outside the Nike store in Manhattan with his daughters and grandson.
“I remember when I used to come to New York with $300 or a little more and I would buy sneakers, boots, coats, jeans . . . Now for $300 you get way, way less,” Johnson said.
Between mid-October and mid-November, inflation-battered consumers spent 7% less than they did a year ago and bought 6% fewer items, according to research firm Circana. Target and Macy’s are among the big chains that have seen sales drops of late.
The retailers are bracing for modest growth as shoppers continue to grapple with high prices for everything from groceries to the rent to gas. Lower-income consumers are especially hard-pressed to find deals.
“They had savings from stimulus checks that’s run off now,” Richard Baum, managing partner of Consumer Growth Partners, told The Post. “They do not have a lot of discretionary income to spend and have less this year than last year, even though inflation is starting to ease.”
Even affordable brands weren’t seeing the hordes of shoppers like they used to.
“People come in waves, but it’s not like back in the day when people were lining up at 4 a.m.,” a Mango sales clerk told The Post Friday. “I think more people do Cyber Monday.”
Online record
In another telling sign of the prevailing mood on Friday, “the outlets are busier than the full-price malls,” noted retail consultant Gabriella Santaniello, who has a team of retail checkers at key shopping centers across the country.
Shoppers did spend a record $5.6 billion online on Thanksgiving Day, data from Adobe Analytics showed, a 5.5% increase over last year, in line with projections.
Thanksgiving Day discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.
Barbie dolls, Marvel action figures, Playstation 5 and videogame “Call of Duty: Modern Warfare III” were hot sellers.
Kirsten Brown, 34, of Brooklyn, was among those feeling the weight of skyrocketing prices.
She was dragged to the Lego store in Rockefeller Center by her overjoyed son, who wanted the Avengers Towers — which came out at midnight — and the Lion Knights’ Castle, which they secured for a cool $800.