LANSING, Mich. (WLNS) – We are two weeks into November, and it’s safe to say the holiday season is here.
Record inflation isn’t stopping shoppers from planning their big Black Friday bargain hauls year.
In fact, some experts say it’s inspiring even more people to head out and brave the crowds in search of epic deals.
Spending on Black Friday is expected to increase by at least 16% this year and according to the National Retail Federation, that spending trend is likely to carry through the entire holiday season.
While inflation is throwing a curve ball into the numbers this year, experts say the outlook for having lots of presents under your tree is generally positive.
So despite inflation, rising interest rates and low levels of confidence, officials say consumers are still spending and will continue to do so through the holidays.
The National Retail Federation predicts sales during November and December will see an increase from last year between 6% and 8%, reaching a total of $942 billion to $960 billion.
Last year’s holiday sales totaled $889.3 billion, shattering previous records.
While many shoppers just love the festiveness of getting out into the stores, especially now that pandemic restrictions have eased, online and other non-store sales are expected to increase between 10% and 12%, with sales of $262 billion to $267 billion.
This figure is up from about $24 billion last year, which saw extraordinary growth during COVID.
Matthew Shay, President and CEO of the National Retail Federation, said many people are supplementing their spending this year with savings and credit, due to the cost of everything on the rise.
You may want to use caution. Don’t overspend, no matter how good a deal you find may be.