Shoppers looking to offset inflation this holiday season may be in luck.
Some retail analysts are forecasting a buyer’s market with deep discounts.
“Retailers are really looking to entice people into shopping and entice people into store which they weren’t necessarily doing to the same extent the last two years,” said Kate Musgrove, director of Redflagdeals.com – a Canadian bargain-hunting website, told Consumer Matters.
Already major retailers are slashing prices leading up to Black Friday which traditionally kicks off the Christmas shopping season and that momentum is expected to continue.
“There are some categories that just have extra inventory. Apparel is one of them, shoes in particular. It’s a really good time to get a deal on a winter coat, a pair of boots, a pair of shoes,” Musgrove said.
Pre-Black Friday savings are also expected around items like toys, smart home devices, home and garden items, and décor.
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Industry analysts say extra inventory is the result of many retailers facing an overstock of certain items. Unlike last year when holiday shopping was undermined by supply-chain issues, this year the retail landscape is more favorable.
“A lot of the orders that were expected in for last holiday got delayed, but they did arrive in 2022. As we head into the fall this year, there’s a lot of buildup of inventory that is actually excessive in many cases,” a retail analyst with DIG360 Consulting, David Ian Gray, said.
It’s welcome news for consumers who continue to face inflationary pressure.
RedFlagdeal.com says in a recent holiday shopping poll, out of 1,536 responses, 40.11 per cent said they’d spend more this year and 59.89 per cent said they would spend less compared to last year.
Those numbers are attributed to increasing retail prices, rising fuel costs, and inflationary concerns.
“Consumers should really hesitate before they pay full price for anything. Make sure you are getting the best deal you can,” Musgrove advised.