Black Friday Blues: On Black Friday, shoppers worldwide were on the hunt for bargains, but this year seemed a bit more low-key compared to the usual frenzy. They were after discounts on electronics, clothing, and household items, signaling the kickoff to the holiday shopping season a critical period for major retailers.
TD Cowen dialed back its U.S. holiday spending estimate, attributing the adjustment to a more subdued Black Friday scene, which they anticipated with flat Black Friday traffic. The thrill of Black Friday was dampened by discounts offered in October and November. As David Klink, a senior analyst at Huntington Private Bank, aptly put it, “People have already got what they want. There are only so many big-screen TVs and Alexa devices you can buy.”
With inflation and high-interest rates pinching consumers, holiday spending in the U.S. is poised to rise at its slowest pace in five years. To adapt, major retailers cut back on seasonal hiring and are likely to continue discounting throughout the season to avoid ending up with excess inventory.
Consumer caution persists, even as discount retailers like Target and Ross Stores report strong quarterly performances. Barbara Kahn, a professor at The Wharton School at the University of Pennsylvania, noted, “People are more value-conscious. People are spending, but theyre spending more conservatively.”
Also Read: Holiday Shopping Bonanza: Retailers Slash Prices for Black Friday Deals
The National Retail Federation estimated a record 130.7 million people would partake in Black Friday shopping in the U.S. this year. However, early morning scenes at a Walmart in Connecticut and the Garden State Plaza mall in New Jersey suggested a quieter affair compared to pre-pandemic years.
While online spending on Black Friday surged to an estimated $7.3 billion, a 7.4% increase from the previous year, the traditional in-store experience seemed to lose some of its luster. Jimmy Lee, CEO of The Wealth Consulting Group, noted a shift, saying, “The excitement of waiting in lines on Black Friday – there’s not as much of that anymore. A lot of people would rather just sit at home and look for deals.”
Retailers, from Macy’s to Amazon, started offering deals early in October, and additional discounts are expected closer to Christmas. The big question remains whether these deals will entice consumers wary of inflation.
In the midst of all this, “shut it down for Palestine” protests occurred sporadically, adding a layer of complexity to the day. Nevertheless, the overall sentiment reflects a change in consumer behavior, with a more cautious approach to holiday spending amid economic challenges.
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What makes the blues the blues?
The blues genre is known for its unique melancholic and somber tone, which is achieved through various vocal, rhythmic, and instrumental techniques. These techniques include melisma, syncopation, and the use of a metal slide on guitar strings to create a whining sound. Additionally, guitarists often “choke” the strings on the neck to further enhance the emotional impact of the music. These techniques work together to create a distinct and powerful sound that is instantly recognizable to fans of the blues.
What does the blue in music mean?
The genre of blues takes its name from the word “blue,” which signifies sadness. This is a nod to the term “the blue devils,” which refers to depression and sadness. Blues songs are a reflection of the melancholy and yearnings of African-Americans who endured slavery and segregation for over two centuries in the United States.
What are the key features of blues music?
When discussing blues music, it’s important to keep in mind that it typically follows a 4/4 time signature. Syncopation is also a key element, with rhythm patterns emphasizing weak beats through the use of stressed notes placed off the beat. Additionally, swing is a common feature of blues music. While early blues was often slow, the style evolved to include faster tempos. Finally, walking bass is another hallmark of blues music.
What is the introduction of blues music?
Blues music originated in the late 1800s among African-Americans in the US and evolved over the course of the 1900s. It encompasses a unique musical style, a distinct approach to conveying musical concepts, various musical traditions that originated in the US and spread globally, and a powerful emotional expression.