Shoppers rein in their Black Friday spending plans

Black Friday is one of the biggest shopping days of the year.

But amid concerns about the economy, continued inflation and President Donald Trump’s recent tariff hikes, shoppers may not be as keen to splurge as they have been this season.

Consumers plan to spend an average of $622 from Nov. 27 to Dec. 1, down 4% from last year, according to a new survey released Monday by Deloitte. According to Deloitte, the overall tightening was primarily due to rising costs of living and financial constraints.

The weeks of Black Friday and Cyber ​​Monday typically mark the unofficial start of the holiday shopping season, but this year many shoppers took full advantage of sales events like Amazon Prime Day and started shopping ahead of tariff-induced price hikes.

Overall, shoppers are looking to spread their spending “more strategically,” said Stephanie Carles, retail insights expert at RetailMeNot. This includes accumulating savings by combining sales events with promo codes, coupons, and cashback offers.

“They’re doing everything they can to stay on budget,” Karls said.

According to several studies, debt problems are affecting a growing number of consumers at all income levels. For many Americans, wage increases have barely kept up with stubborn inflation, making it difficult to make ends meet during a normal month.

Still, shoppers tend to rely on Thanksgiving week promotions to buy gifts. About 60% have already added items to their cart for the holiday shopping weekend, but 38% plan to only buy items that are at least 50% off, Deloitte says.

“Value continues to be the centerpiece of the holiday season,” Brian McCarthy, principal and retail strategy leader at Deloitte Consulting, said in a statement.

Other reports also point to a possible rebound this year. According to a recent LendingTree report, 64% of Americans plan to shop on Black Friday, but 39% say they will spend less this year due to higher prices.

One of the “notable headwinds” was the longest federal government shutdown in U.S. history, lasting 43 days, the National Retail Federation said.

Americans were already facing mounting challenges in an increasingly polarized consumer economy. According to NRF’s holiday forecast, the disruption in revenue just before the peak shopping season makes budgeting especially difficult.

Scott Wren, senior global market strategist at Wells Fargo Investment Institute, said that while overall economic growth in the United States is good, not all Americans are benefiting.

In the so-called “K” shaped economy, some consumers are struggling financially because their incomes have not kept pace with inflation over the past five years. “This means that their purchasing power has declined as the overall price level of goods and services has increased significantly,” Wren said in a Nov. 12 research note.

At the same time, higher-income consumers are strengthening their financial positions, primarily benefiting from rising stock markets and appreciation in home values. “Their discretionary income continues to be strong, funding cars, homes, vacations, and restaurant meals,” Wren wrote.

However, Deloitte research shows that even high-income households plan to save money during the weeks of Black Friday and Cyber ​​Monday.

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