Black Friday just passed, and it was very underwhelming – signaling a possible downturn in the economy, Media Take Out has learned.
Holiday shoppers took to stores across the world on a Black Friday – but the turnout was MIUCH lower than prior years. Discount hunters looking for marked-down electronics, clothing and household goods in the kickoff to the holiday shopping season were I short supply this weekend.
Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic.
And that estimate may have been optimistic. TikToker went through local malls to document the extremely low shopper traffic on Black Friday. Its actually pretty scary.
Look:
With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. Most major retailers slashed their seasonal hiring. Retailers will likely continue to discount throughout the season to avoid inventory gluts at yearend.
