Thanksgiving has largely become a quiet holiday in the retail sector, with most stores remaining closed, but Black Friday is still expected to be as busy as ever for many businesses.
The National Retail Federation says that it is anticipating increased spending this holiday season, despite raising interest rates, a possible recession, and the increase in stores opting to remain closed on Thanksgiving.
Despite that, online shopping is expected to help bolster sales, and the Better Business Bureau expects a nearly 10% increase in spending.
“We’re expecting $960 billion, which is about an 8-to-9% increase over last year,” BBB of Chicago President and CEO Steve Bernas said.
The BBB is also cautioning shoppers to be smart when purchasing items online, seeing increased complaints of fraud.
“A lot of times we’re seeing an increase in complaints online, with fake web offers that only steal your credit card info or other info that steals your identity,” Bernas said. “It’s important to remember when buying online that you research the company in every way you can.”
For those who prefer shopping the brick-and-mortar way, stores will open early on Black Friday, with hours for many major retailers available on NBC Chicago’s website.