It’s not just you. This holiday season feels a little ho-hum. Sure, tree decorations still sparkle, hot chocolate is still sweet and the wind is a little chillier. But the shopping—the crux of American winter holiday culture—has not started off so bright.
On Black Friday, retail spending increased by just 2.5% from last year, according to Mastercard SpendingPulse. Online sales increased 7.5% to $9.8 billion, and the overall weekend is expected to reach at least $37.2 billion in spending, an increase of 5% from last year, according to Adobe Analytics. TD Cowen went as far as lowering its holiday forecast in a note on Friday to 2-3% year-over-year growth versus a previously estimated 4-5% because of the slow start to the season.
The figures don’t suggest any type of economic collapse. But they certainly underscore the challenge facing retailers that can’t seem to convince shoppers to snatch up mediocre deals. Shoppers are smart; businesses need to be smarter.
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