U.S. retailers are expected to usher in the unofficial start to the holiday shopping season with bigger crowds than last year in a closer step toward normalcy. But the fallout from the pandemic could make for a less festive mood.
FILE - Black Friday shoppers wear face masks and gloves during the coronavirus pandemic as they leave the Uniqlo store along Fifth Avenue, Friday, Nov. 27, 2020, in New York. Retailers are expected to usher in the unofficial start to the holiday shopping season Friday, Nov. 26, 2021, with bigger crowds than last year in a closer step toward normalcy. But the fallout from the pandemic continues to weigh on businesses and shoppers' minds.
Buoyed by solid hiring, healthy pay gains and substantial savings, customers are returning to stores and splurging on all types of items. But the spike has also resulted in limited selection across the board as suppliers and retailers have been caught flat-footed. Shoppers are expected to pay on average of between 5% to 17% more for toys, clothing, appliances, TVs and others purchases on Black Friday this year compared with last year, according to Aurelien Duthoit, senior sector advisor at Allianz Research. TVs will see the highest price hike on average, up 17% from a year ago, according to the research firm. That’s because whatever discounts available will be applied to goods that are already expensive.
The pandemic further diminished the importance of the Black Friday event, though some experts still believe it will again be the busiest day of the year. Last year, retailers started to offer the big holiday sales earlier in October in an effort to spread out shopping for safety reasons and to smooth out online shipping peaks. They also got rid of the Thanksgiving Day in-store shopping event and pushed all their discounts online.
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