(NewsNation) — A Black Friday shopping frenzy is expected once again this year.
According to Adobe Analytics, consumers spent more than $77.4 billion online between Nov. 1-24, a 10% increase from the previous year.
The National Retail Federation (NRF) expects people to break records with 183 million people expected to shop on Thanksgiving weekend.
“Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season,” NRF vice president of customer insights Katherine Cullen said in a release.
Inflation has gone down over the past few years from 8% in 2022 to about 3%, but there’s still more than half of Americans saying that they feel financially stretched.
In a survey conducted by PWC, 57% of responders described their financial circumstances as “strained.” Meanwhile, 85% plan to cut back on non-essential purchases following the holidays.
According to the NRF, between $979.5-989 billion is expected to be spent in November and December; an increase from $955.6 billion
