A Reuters/Ipsos poll finds shoppers are willing to wait until closer to Christmas for deeper discounts, Fred Katayama reports.
The busiest shopping day of the year is this Friday, but many consumers may not necessarily be joining the mad rush to stores. A Reuters/Ipsos poll found shoppers are willing to wait for deals this year just as they did last year. And consumers said they got bigger discounts closer to Christmas last year. The poll also found that more people planned to cut holiday spending in every category surveyed: clothing, jewelry, electronics, food and toys. But the National Retail Federation expects holiday sales to rise 3.7 percent.
Consumers have been cautious going into the holidays, with quarterly sales at Macy's, Nordstrom and Best Buy missing expectations. And Tiffany just warned Tuesday its profit would drop by as much as 10 percent this year. Target's online sales fell due to a drop in demand for electronics. A majority of the poll respondents said they plan on shopping equally in stores and online.
Keep in mind: Black Friday is not always a strong forecaster of holiday spending. Last year, weak spending that day was followed by enticing deals and a rush of buying the week before Christmas.