Black Friday brings out discount-hunters across U.S., Europe
By Siddharth Cavale, Helen Reid and Arriana McLymore
NEW YORK/LONDON/RALEIGH, N.C. (Reuters) -Shoppers took to stores across the world on a Black Friday that appeared to be subdued compared to prior years, looking for discounted electronics, clothing and household goods in the kickoff to the holiday shopping season crucial to big retailers.
Brokerage TD Cowen lowered its U.S. holiday spending estimate to 2% to 3% growth, from 4% to 5%, as it forecast flat Black Friday traffic. Retailers' early holiday discounts in October and November removed the excitement and urgency of Black Friday.
«People have already got what they want,» David Klink, senior analyst at Huntington Private Bank, which owns shares of Walmart (NYSE:WMT) and Target. «There are only so many big screen TVs and Alexa [Amazon voice assistants] you can buy.»
With many consumers squeezed by persistent inflation and high interest rates, U.S. holiday spending is expected to rise at the slowest pace in five years. Most major retailers slashed their seasonal hiring. Retailers will likely continue to discount products throughout the holiday shopping season.
A record 130.7 million people are expected to shop in stores and online in the U.S. on Black Friday this year, the National Retail Federation (NRF) estimates. The event is known for crowds lining up at big-box stores at dawn to scoop up discounted TVs and home appliances.
But at 6 a.m. on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full.
«It's a lot quieter this year, a lot quieter,» said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. She was at a nearby Kohl's (NYSE:KSS) store at 5 a.m.
In Paramus, New Jersey, crowds
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