11d • General discussion
Black Friday Spending Predictions
Saw an interesting article this morning about predictions for Black Friday. Overall, shoppers expect to spend 4% less than last year. But the interesting numbers were in the breakdown by income.
Households making 50,000 are expected to cut black Friday spending by 12%, while households earning $200,000 or more are expected to cut spending by 18%.
Conventional wisdom would say the people who make less would be cutting more as the economy tightens. But it’s the higher wage earners who are reducing spending at higher percentages.
It could be that higher wage earners are cutting out the extras, where lower wage earners use Black Friday as an opportunity to save on necessities.
But during the recession I saw a phenomenon that I call “perceived poverty,” where donors with literally millions of dollars in the bank felt they couldn’t make a charitable contribution to my organization because they were “broke.”
Anyways, this is fascinating to me. Why do you think higher wage runners are cutting back more?
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Black Friday Spending Predictions
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