Good morning.
Happy Black Friday, a now-global festival of discounts marking the first shopping day of the Christmas season. Following the "busiest Thanksgiving ever," Americans are expected to spend record amounts on Black Friday and Cyber Monday this year, according to Deloitte (which also sponsors this newsletter). For the first time, online retailers have displaced brick-and-mortar stores as the preferred way to shop.
Job-market optimism has pushed up consumer confidence and talk of a trade war may be prompting people to also bring forward purchases they might otherwise have delayed. A record 183.4 million people are planning to shop in-store and online from Thanksgiving through Cyber Monday, according to the National Retail Federation and Prosper Insights & Analytics. Don’t forget Travel Deal Tuesday!
And yet U.S. household debt has also hit highs of almost $18 trillion, according to the New York Fed, with consumers’ savings trending down as credit card delinquencies go up. Target CEO Brian Cornell talked about customers’ renewed focus on value when we recently met at the Fortune Global Forum. After all, who doesn’t like a great deal?
My colleagues at Fortune Recommends have been tirelessly screening out the best Black Friday deals. Keep an eye on demographic trends as those wealthy baby boomers gravitate to travel experiences and wellness products while their kids are more inclined to go thrifting. Enjoy the holiday.
More news below.
Diane Brady
diane.brady@fortune.com
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