Oak Hill, WV (WOAY) – Black Friday marks a return to familiar holiday shopping patterns for several families, but inflation is weighing on consumers this season.
Elevated prices for food, rent, gasoline, and other household costs have taken a toll on shoppers. Moreover, the rising prices have resulted in reluctant and selective shoppers.
Several individuals have cut back on shopping unless there is a big sale or an opportunity to trade down to less expensive stores.
Shoppers are also dipping more into their savings, turning increasingly to “buy now, pay later” services such as Klarna, allowing users to pay for items in installments.
However, shoppers are also running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy.