Black Friday shoppers will be paying between 5 and 17 percent more for toys, clothing, TVs and other purchases this year compared to 2020.
The reason costs are so much higher is because the same sale discounts are being applied to items that are already costing far more than they did last year.
The Associated Press reports, “shoppers are expected to pay on average between 5 percent to 17 percent more for toys, clothing, appliances, TVs and others purchases on Black Friday this year compared with last year, according to Aurelien Duthoit, senior sector advisor at Allianz Research, with the biggest price increases on TVs. That’s because whatever discounts available will be applied to goods that already cost more.”
“I think it is going to be a messy holiday season,” Neil Saunders, managing director at GlobalData Retail, told the AP. “It will be a bit frustrating for retailers, consumers and the workers. We are going to see long lines. We are going to see messier stores. We are going to see delays as you collect online orders.”
An estimated 158.3 million people are expected to shop from Thanksgiving Day through Cyber Monday this year, according to the National Retail Federation.
Breitbart News reports that overall, consumer prices on durable goods are up 13.2 percent compared with 12-months earlier. Clothing prices are up 4.3 percent. Jewelry is up 7.5 percent. Computers, tablets, and smart home assistant prices are up 8.4 percent.
A recent survey found that 43 percent of Americans are concerned about being able to get their holiday gifts this year due to inflation and supply chain issues.