Retailers may see more red after Black Friday as consumers say they plan to pull back on spending – acting as if the US were already in a recession

Black Friday is one of the busiest shopping days of the year. AP Photo/Bebeto Matthews

Retailers are gearing up for another blockbuster holiday shopping season, but consumers burned by the highest inflation in a generation may have other ideas.

Industry groups are predicting another record year of retail sales, with the National Retail Federation forecasting a jump of 6% to 8% over the US$890 billion consumers spent online and in stores in November and December of 2021.