Here we are talking about Orange County Black Friday Shopping Will Have Its Ups and Downs This Year. According to a Chapman University economics professor, shoppers on Black Friday may be hesitant to splurge, and merchants may give steep discounts to entice customers back. This is because the economy is unpredictable and has shown both strengths and weaknesses.
According to Raymond Sfeir, director of the A. Gary Anderson Center for Economic Research at Chapman University, the labour market has been “extremely robust and very powerful,” adding 260,000 positions in October, including 56,700 in California. The labour market is, therefore, quite strong.
According to data issued in October, the hourly wage rate in the private sector has increased by 4.7% over the previous year, which is “not terrible, even though it is 3% lower than the inflation rate.” But regrettably, because the inflation rate is higher than the range of earnings, those wages are still dropping, Sfeir told City News Service.
Additionally, gas prices have decreased, which will benefit shoppers who are out shopping, according to Sfeir. The (Consumer Price Index) is still very high, which is the downside, according to Sfeir.
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“And during the past few months, the savings rate has decreased significantly.” At the beginning of the epidemic, savings reached historic highs as more individuals stayed at home and withdrew from social situations, according to Sfeir.
Our savings are currently being depleted at a rapid rate because we spent a significant portion of them in the previous year, according to Sfeir. According to Sfeir, pent-up demand and increased costs are probably driving the drawdown on savings.
According to Sfeir, consumer confidence is also slipping as worries about a recession grow. This year’s increase will be far less than last year, according to Sfeir. “I predict it to be less than 8%,”
People “are going to be buying fewer products,” according to the professor. According to Sfeir, one sign is that customers depend more on generic goods from less-priced grocery chains than branded brands.
Sfeir predicted there would be “some heavy discounts” when customer traffic decreased. Backlog inventory that developed as shipping companies tried to keep up with demand will contribute to this, according to Sfeir.
The fact that no ships are waiting at the ports of Los Angeles or Long Beach indicates that the number of orders has significantly decreased, according to Sfeir. “They have more inventory than they anticipated. Therefore, additional sales might be offered following Christmas.
Sfeir forecasts a “light recession” and claims the Federal Reserve has acted appropriately to curb inflation and cool the economy. Sfeir predicted that it would be brief and gentle.
Because job growth has behind the state, Orange County may see slightly more hardships, according to Sfeir. Sfeir predicted that our situation would be somewhat worse than that of California.
On Black Friday, which is often the first day of Christmas shopping, the major shopping centres in Orange County will have several events to occupy patrons.
Shoppers can take in chalk art installations, a massive seasonal ice sculpture, and DJ Electric and the Band of Harmony musical performances at Irvine Spectrum.
Photos with Santa Clause at Fashion Island in Newport Beach began last Friday, and on this Black Friday, numerous businesses are giving discounts ranging from 10% to 50%.
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A Louis Vuitton-designed holiday tree with a variety of toys, including dinosaurs, surfboards, aeroplanes, trains, bicycles, and cuddly animals, is on display for the first time at South Coast Plaza in Costa Mesa. Along with pictures with Santa Claus, the shopping centre offers a reindeer carousel and Santa’s Express Train for kids.
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