Thanksgiving has largely become a low-key holiday in retail, 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 it anticipates higher spending during the holiday season despite interest rate hikes, a possible recession and the increase in stores choosing to remain closed on Thanksgiving.
Despite this, online shopping is expected to drive sales, and the Better Business Bureau expects spending to increase by nearly 10%.
“We expect $960 billion, which is about an 8 to 9% increase over last year,” said BBB Chicago president and CEO Steve Bernas.
The BBB also warns shoppers to be smart when purchasing items online given the rise in fraud complaints.
“We often see an increase in complaints online, with bogus web offers that just steal your credit card information or other information that steals your identity,” Bernas said. “It’s important to remember when buying online that you research the company in every possible way.”
For those who prefer to shop the physical way, stores open early on Black Friday, with hours for many major retailers available on NBC Chicago’s website.