SPRINGFIELD, Mass. (WWLP) – Black Friday, Small Business Saturday or Cyber Monday. These are all sale days designed to relieve shoppers of the burden of holiday spending and get more money to businesses. But inflation remains on the minds of shoppers as they take on sale season this year.
The cost of goods and services remains elevated, some prices at 70% higher than this time last year. On top of the increase gift costs it’s more expensive to get to the store with gas prices still 17% higher than 2021. Shoppers told 22News it’s getting old.
“I definitely feel like it will affect what I shop for and decrease the amount of times I go out shopping. If I know an app has special coupons or discounts or something I’d definitely consider it immediately before going for full prices,” said shopper Sophia Williams from Springfield.
Survey data indicates that the elevated prices aren’t actually making a dent in the dollar amount people are willing to spend on gifts, but it is decreasing the buying power. American households plan to spend $1,400 on gifts this year, but that’s only equivalent to spending $1,200 last year.