WASHINGTON (NEXSTAR) -- As retailers are gearing up for Black Friday and Small Business Saturday, they are keeping a close eye on inflation. Experts say shoppers are expected to return to their pre-pandemic habits this holiday season.
Long before Black Friday, retailers have been cranking out deep discounts and sales.
“It was basically Black Friday in October, and that is going to keep rolling through the holidays,” Ted Rossman, Senior Industry Analyst at Bankrate.com said.
Rossman says the state of the economy has many retailers and shoppers concerned.
“Our survey found that about a third of holiday shoppers specifically say that inflation is affecting their buying decisions.”
Currently, the inflation rate is 3.2%. Still, Rossman says retailers are preparing for record sales.
“It's the best discounting season since the pandemic. The inventory situation is better.”
The National Retail Federation says an estimated 182 million people will shop either online or in person this Thanksgiving weekend, up 69% since 2019.
Isabel Casillas Guzman with the Small Business Administration says many of those shoppers are likely to shop local and small businesses are prepared.
“They are hoping for that regular seasonal boost and planning with the inventory,” Guzman said.
However, Guzman says small businesses are still recovering from the economic hit during the pandemic and many of them are hoping for a record turnout this year to keep their doors open.
“We want to make sure that now more than ever we are spending locally, shopping small to give them that revenue boost, let them run through their inventories and have a great record year.”
