Several retail analysts anticipate a buyer’s market with deep discounts this holiday season. Therefore, shoppers who want to reduce the impact of inflation this holiday may be in luck.
“Retailers are definitely attempting to entice people into purchasing and into stores,” said Kate Musgrove, director of Redflagdeals.com. This Canadian website specializes in finding great deals for consumers.
Prior to Black Friday, which traditionally ushers in the holiday shopping season, big merchants were already lowering prices, and it is anticipated that this trend will continue.
Excess Inventory has led to deep discounts
Some categories have more inventory than necessary. The clothing category, shoes, in particular, are one of them. It’s an excellent opportunity to save money on a winter coat, a pair of boots, or shoes, ” says Musgrove.
Pre-Black Friday discounts are anticipated for most products, including toys, smart home gadgets, housewares, and decor.
According to industry observers, an oversupply of some commodities at numerous merchants is the cause of the extra inventory. However, the retail environment is better this year than last year, when supply-chain difficulties negatively impacted holiday buying.
“Despite many previous holiday orders being delayed, they did arrive.There has, therefore, been a significant accumulation of inventory as the fall season approaches this year, which is frequently excessive,” said David Ian Gray, a retail expert at DIG360 Consulting.
That’s good news for consumers still feeling inflation’s effects.
Consumers intend to spend less but expect to spend more this holiday
According to a survey by Gartner, Inc., 28% of consumers intend to spend less during this holiday season, while only 10% plan to spend more than in past years.
Most consumers said they expect to spend more because brands have increased prices due to high retail prices, escalating fuel prices, and inflationary worries.
“Consumers should exercise caution before making full-price purchases. Assure yourself that you are receiving the finest possible deal,” Musgrove advises.