Black Friday sales expected to dip amid high costs of living
Although Black Friday has traditionally boosted sales for retailers, this year could see a decline in consumer spending due to persistent inflation, high interest rates, and the rising cost of living.
Retail analyst Bruce Winder said he expects consumer trends to shift this year.
“Some consumers are thrifting. They're going to places like Facebook Marketplace and buying used products of giving sort of more thoughtful gifts to their loved ones,” Winder explained.
He also noted that Canadians are increasingly turning to budget-friendly online retailers like Temu to save money on holiday shopping.
“Then, of course, you have the Canada Post strike, which is layered on top of that, which is significantly going to hurt and impact small business who sell online,” he said that
Despite the challenges, Winder believes Black Friday and Cyber Monday will still generate significant revenue. However, overall holiday shopping might take a hit.
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