And it’s a frenzy for retailers. Santas made their debut at Twin Cities malls this week. Target shelves are full of “Wicked”-themed merchandise in anticipation of the movie opening this week. And discounts that started in October are in full swing.
Because Thanksgiving is the latest it can be on the calendar, the all-important final stretch of the holiday shopping season is six days shorter. The next two weeks — culminating with Black Friday and Cyber Monday — are even more important than in some other years for retailers from Best Buy and Macy’s to smaller local stores.
“Those big-box retailers pave the way for the season,” said Lindsay Koch, director of brand experience and stores for Minnesota apparel brand Waggle. “This year we started our holiday sale earlier than we ever have.”
Waggle’s Maple Grove store at the Shoppes at Arbor Lakes kicked off a nearly monthlong sale Monday as shoppers signaled they’re ready to cross some items off their lists.
While retailers and economists expect shoppers to make only modest increases in their holiday budgets, it still could be a record-setting year for holiday sales. The National Retail Federation predicts up to $989 billion, the best haul since 2019. Twin Cities shoppers are expected to spend an average of $570 on gifts this year, about equal to 2023, according to Deloitte.
But retail leaders have also acknowledged they need to work harder to lure shoppers, ideally over multiple trips.
Given the ongoing hangover of intense inflation, surveys show most shoppers are willing to wait out the best possible deal and stick to their budgets. That means Black Friday, Small Business Saturday and Cyber Monday are still big draws, even if today’s deals feel alluring.
