Black Friday unleashes shopping frenzy

NEW YORK — US retailers are gearing up for Black Friday, the annual shopping extravaganza that begins the holiday gift-giving season with price discounts and chaotic crowds.

Black Friday, held the day after Thanksgiving and increasingly copied in Europe and elsewhere, has evolved into a catchphrase for a multiday period in late November that concludes with the so-called Cyber Monday and the weekend in between.

This year's markdowns are expected to be especially deep, reflecting the pressure stores feel to lure in US consumers jaded by still-high inflation and the upheaval of the pandemic years.

Still, observers have been forecasting heavy consumer traffic. The National Retail Federation predicted that more than 182 million consumers would shop in stores and online over the shopping weekend.

That turnout, equal to more than half the US population, would top by 16 million from last year's level if and constitute a record since the trade group began tracking the period in 2017.

While the Black Friday period remains crucial, stores have been offering deals for weeks, marketing Black Friday sales earlier and earlier in October.

The early bargains reflect fierce competition among retailers trying to win over consumers inundated with offers in digital spaces.

"Get set for a promotional frenzy hitting your inbox and surging across social media," said Susannah Streeter, head of money and markets with the British financial services company Hargreaves Lansdown.

Discounts are expected to be deeper than in the past few years.

Inflation factor

Especially popular items this holiday season include mainstays such as Lego and Hot Wheels, along with Barbie, which is still basking in the afterglow of this summer's blockbuster movie.

With inflation for groceries and other staples still a factor, many shoppers will only buy items if they are on sale.

"The shopper will be looking for items they really want and need, rather than simply buying lots of things on impulse," said Neil Saunders, managing director of the business consultancy GlobalData. "That's not necessarily a good thing for retailers."

Retailers "are carefully targeting discounts to certain items", Saunders said, instead of "having a promotional free-for-all".

Economic experts have worried for months that the US economy could slip into recession. Instead, commentators have repeatedly been impressed by the resilience of US consumers.

Despite inflation and memories of past holiday travel meltdowns, millions of people are expected to hit airports and highways in record numbers over the Thanksgiving break. The Transportation Security Administration expects to screen 2.6 million passengers on Tuesday and 2.7 million passengers on Wednesday.

The weather could snarl air and road traffic. A storm system was expected to move from the southern Plains to the Northeast on Tuesday and Wednesday. Parts of Maine, Vermont and northern New Hampshire are expected to get 7 to 17 centimeters of snow between Tuesday night and Wednesday.

Agencies Via Xinhua