According to the National Retail Federation, 130 million Americans are expected to shop on Black Friday amid high inflation dampening consumer spend. However, ICSC CEO Tom McGee forecasts the overall holiday weekend into Cyber Monday will see a robust $130 billion in sales, up 3.8% from last year.
McGee notes while shoppers remain cost-conscious, retailers have responded with promotions to relieve pricing pressures. McGee acknowledges that “the consumer has been resilient in the face of inflation” throughout the year, expecting that strength to continue fueled by deals and accumulated savings.
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