Inflation impacts shopping season
CEDAR RAPIDS, Iowa (KCRG) - Black Friday marked the unofficial start to the holiday shopping season, but experts said people would likely spend less this year than in years past due to inflation.
According to the Bureau of Labor Statistics, inflation reached 7.7%, the highest in the last 40 years.
“$100 is probably too much for me,” said Aisha Shimilamana of Cedar Rapids.
Serg Rudak, the founder of DealAid, said Shimilamana wasn’t alone. In their annual survey, they found almost half of American shoppers will spend less this year due to rising costs.
“The average purchase size or average spent per consumer is likely to be lower,” said Rudak.
Rising prices were top of mind, but Rudak said people were getting back to buying in person and supporting local businesses. More than 51% of people were shopping locally on “Small Business Saturday.”
“There’s going to be more people shopping in the stores this year, more people shopping on small business Saturday, and mom and pop shops,” he said.
While people were tightening their belts this season, Shimalamana said she’ll continue looking for the best sales.
“Things are kind of pricey, but if it’s bought three get three free, that’s a deal,” said Shimalamana.
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