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Retail experts suggest consumers plan ahead for Black Friday

Retail experts suggest consumers plan ahead for Black Friday

INDIANAPOLIS (WISH) — Thanksgiving is 10 days away and experts suggest knowing what you want before you go Black Friday shopping this year.

Black Friday is the largest shopping day of the year, and deals continue to be prevalent both in-store and online. Black Friday this year is on Nov. 24, Small Business Saturday follows on the 25th, and Cyber Monday will follow suit on the 27th.

Demand is expected to increase this holiday season, making it more difficult for people to get the products they want.

The National Retail Federation, is forecasting about a 3-4% increase this year in overall shopping. “Nearly 8 million more people than last year are expected to shop from Thanksgiving Day through Cyber Monday this year,” the forecast reads.

John Talbott is the director of the Center for Education and Research in Retail and a senior lecturer at the Indiana University Kelley School of Business. He said, “Uncertainty about the future is the bane of the holiday season, and we need some for these things to settle down, and if they do, we might see that the National Retail Federation’s forecast will end up on the high side.”

Talbott believes consumers are protecting their money. “Their decisions on spending will have a lot to do with the level of uncertainty,” he said. “So, for example, it’s not just inflation, it’s war. It’s uncertainty about passing spending bills so the government can stay open. It’s El Nino, the weather, its credit card debt being at a high level for many households, it’s ‘Are we paying student loans or are we not paying student loans?’”

If you plan to buy presents and your gift recipient has some flexibility, wait to buy the present because there will be more markdowns later in the holiday season.

But if there is a certain thing that you must buy and you don’t want tears in your household, get that gift when you see it, because it may not be there when you go shopping again.