Retailers offer bigger Black Friday discounts to lure hesitant shoppers

Although inflation has dropped somewhat, costs are still higher than just three years ago and many consumers are expected to take on debt for holiday shopping purchases.

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National News

November 24, 2023 - 12:26 PM

Shoppers pause near a display of handbags at a Coach store in New York on Sunday, Nov. 19, 2023. Retailers are kicking off the unofficial start of the holiday shopping season on Friday with a bevy of discounts and other enticements. Photo by (AP Photo/Anne D’Innocenzio)

NEW YORK (AP) — Stores stepped up discounts and other enticements on Black Friday to entice shoppers holding out for the best deals. But retailers worry those may not be enough.

Consumers are coming under pressure as their savings dwindle and their credit card debt grows. And although they have gotten some relief from easing inflation, many goods and services like meat and rent are still far higher than they were just three years ago.

Yvonne Carey, 72, was among the first shoppers at Macy’s Herald Square store in Manhattan where she snapped up discounted Michael Kors slippers and a pair of Ugg boots for herself. But Cary said she plans to stick to same budget as last year, about a $1,000, as she shops for gifts for her six grandchildren and her husband.

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