Due to elevated prices for food, rent, gasoline and other essentials, many people were being more selective, reluctant to spend unless there was a big sale. Some were dipping more into savings, turning to"buy now, pay later" services that allow payment in installments, or running up their credit cards at a time when the Federal Reserve is hiking rates to cool the U.S. economy.
Early shopping turned out to be a fleeting trend, said Rob Garf, vice president and general manager of retail at Salesforce, which tracks online sales. People this year are holding out for the best bargains, and retailers responded this week with more attractive online deals after offering mostly lackluster discounts earlier in the season.
He said that bestsellers from Macy's online sale, which started last weekend, included 50% off beauty sets. Last year Macy's, like many other stores, had supply chain issues and some of the gifts didn't arrive until after Christmas.Sophia Rose, 40, a respiratory specialist visiting Manhattan from Albany, New York, was heading into Macy's with big plans to splurge after scrimping last year when she was still in school.
Major retailers including Walmart and Target stuck with their pandemic-era decision to close stores on Thanksgiving Day, moving away from doorbusters and instead pushing discounts on their websites.
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