Black Friday muted this year amid high inflation in U.S.

Cartoon by Tan Xiguang

Black Friday, together with a shopping season which will last more than one month, started on Nov. 25 in the U.S. Unlike previous years when shoppers would spend large amounts of money during the shopping frenzy, this year, American consumers have pulled back on spending.

Persistent high inflation, soaring interest rates, and heavy debt burdens have led to declining confidence among American consumers.

Statistics by Moody's Analytics indicated that in October, American households spent $433 more to purchase the same items than they did at the same time last year. Meanwhile, hourly wages dropped 2.8 percent in the U.S. in the first 10 months of 2022.

According to the University of Michigan's consumer survey, in November, the U.S. consumer sentiment index was down 5.2 percent from the previous month and 15.7 percent down from the same period last year.

Due to high inflation, consumers going to stores without buying will become a common phenomenon in the U.S. Low-income earners who find it difficult even to pay for basic necessities certainly won't spend on goods they regard as unnecessary.