As the holiday shopping season begins, Americans are expected to spend 4% less between Black Friday and Cyber Monday due to financial concerns, reversing previous trends of increased spending. Shoppers earning under $50,000 plan to cut spending by 12%, while those above $200,000 anticipate an 18% reduction. Consumer confidence remains low, with worries about inflation and job security, prompting many to rely on “buy now, pay later” services, especially among younger shoppers. Retail trends indicate a shift towards discount retailers as consumers prioritize essentials over discretionary spending.
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