BLACK FRIDAY 2022

With the looming recession, high interest rates, inflation, and the troubling economy forecasts you would think this Black Friday would be one of the worst in history, yet credit card companies are predicting that in-store retail sales will jump 18% on a year-over-year basis, as the return of doorbuster sales at retail locations attract more foot traffic to stores in the wake of the pandemic. Since a number of big-box retailers, department stores and outlet malls will be closed on Thanksgiving Day, consumers will be “gearing up for the main event – a Black Friday shopping blitz. The labor market continue to support consumer purchasing power and October already shows that retail had a strong month in sales. Mastercard is forecasting that department stores sales will rise 25% over last year, as consumers look for deals online and in-person. Travel will also increase double digit percentages over last year’s Black Friday. Restaurants, lodging and other sectors are also expected to increase substantially during Thanksgiving. The forecast for the economy may seems dire, but it seems that the slowdown on consumer spending that the Feds hoped for will have to wait until the 2023.