""Consumers have been saying the economy is terrible while continuing to spend for years now, so the outlook is probably better than they are telling us," Bill Adams, the chief economist at Comerica Bank, said this week of shoppers' moods heading into Black Friday. "But business surveys also report consumers are being more sensitive to prices and selective in spending.""
"Among the busiest sections was footwear, which was 40% to 50% off. But unlike past years, when customers snatched boxes from big stacks, the mood was calm. Veronica Nam, 68, headed to the shoe department to buy Nike sneakers for her husband after spending $256 on Lacoste bedding that she estimated cost half the regular price. Nam said she thought Black Friday has the best holiday deals but that she planned to wait until after Christmas to finish buying gifts for other relatives."
Black Friday remains the busiest in-store shopping day and the unofficial start of the U.S. holiday shopping season. Consumer confidence fell after the federal government shutdown, weak hiring and stubborn inflation. Shoppers are increasingly price sensitive and selective, yet still spend on key occasions such as back-to-school and winter holidays, creating a halo effect. Retailers offered deep discounts, with footwear marked 40% to 50% off at flagship stores. Many customers shopped calmly for marked-down items while postponing some purchases, balancing bargain hunting with selective splurges on important items.
Read at Fortune
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