US retailers unveiled a trove of fresh promotions on Friday, as they try to coax sales from reticent shoppers whose holiday cheer has been tempered by inflation and worries over a softening economy.
Robinhood and other brokerages took steps to stop the buying frenzy surrounding firms such as GameStop but only sparked more volatility in the market, with angry customers and politicians arguing the curbs unfairly benefit bigger investors.
More customers turned to the internet as Covid-19 prompted them to stay home and browse online for their holiday shopping needs on Thanksgiving.
American consumers, staying home amid the Covid-19 pandemic, spent $9 billion online, a 22 percent increase over the same day in 2019, according to Adobe Analytics.
Buyers turn up in smaller numbers at major retailers as online deals and coronavirus surge dull enthusiasm for Black Friday trips to malls.
This year’s Black Friday sales are just behind the $7.9 billion haul of last year’s Cyber Monday, which holds the one-day record for online sales, according to Adobe Analytics.
Only 36 percent of US consumers plan to shop this year on Black Friday, down one percent from last year and a decline of 23 percent from 2015, according to a PricewaterhouseCoopers survey.
Black Friday is expected to be the largest shopping day of a holiday season used to gauge the US economy's health. Adobe Analytics predicts a loss of $1 billion in online revenue from this shopping season which is six fewer days than last year.
Black Friday is traditionally the busiest shopping day of the Thanksgiving holiday season and is crucial to the US economy. But now it's more than just a day. It is now a lucrative event both in store and online for retailers around the globe.
As millions make the most of bargains, spending billions of dollars in just one day, here’s a quick look at the monster sale day that retailers and customers wait the whole year for.
The employees staged a similar work stoppage in July during another sales day for the retailer.
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