New Yorkers Bounce Back With Black Friday Spending
While it may have seemed like the threat of a financial slowdown dampened the economy, those fears have been largely pushed aside during the 2023 shopping season as Americans have pushed towards new highs in spending in November, culminating in a record-setting Black Friday nationwide.
Financial experts expected speeding to increase in 2023 as we've fully emerged from the financial handcuffs that the COVID-19 Pandemic put on the economy. Still, the amount of spending was up for some debate. Some surveys expected the average American to spend about $600 on Black Friday, which amounts to about 13% more than they did in 2022.
Now that the results are in, the experts are quite surprised.
According to data gathered by Adobe Analytics, Americans spent approximately $9.8 billion on Black Friday alone.
That is more than $2 billion more than what was spent on Black Friday in 2019 and more than 5% higher than in 2022.
Experts now expect that spending on Cyber Monday will be even more significant, sitting at an estimated $12 billion right now.
New York's Economic Outlook Is Bleek, Even Though Performance Has Been Good
All of the spending that has occurred over the Thanksgiving holiday weekend has not increased the economic outlook for the Empire State.
According to RichStatesPoorStates, New York has the worst economic outlook in the USA, coming in at 50th. One of the main drivers of that outlook is New York's high tax rates on incomes, corporations, inheritance, and property.
While the outlook was the worst in the nation, New York's actual performance is much better.
Did you do any Black Friday shopping this year? Did you find the deals better or worse than in previous years?
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