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Families and Small Businesses Still Seeing Red on Black Friday 2022

As Biden-Flation continues to hammer families – particularly low- and middle-income earners – this year’s Black Friday turnout was a bellwether for President Biden’s bleak economy.

As Reuters reports:

“Americans, especially from low-income households, are expected to pull back this year as inflation and higher energy prices pinch spending power. […]Many shoppers who opened their wallets said their purchases were strategic, not impulsive or splurges.”

READ: Families Boxed In With Worry This Holiday Season

KEY TAKEAWAYS:

Families are cutting back on purchases this holiday season as inflation continues to wreck budgets.

  • “‘It’s a lot of social shopping, everybody is only looking to get what they need. There is no sense of urgency,’” – Marshal Cohen, chief industry adviser of the NPD Group Inc.
  • A recent survey found that nearly a third of American shoppers have said they’ll purchase fewer gifts, while seven percent have said they’ll forgo shopping for gifts altogether.
  • Another study revealed that nearly 90 percent of American families making less than $50,000 a year are having to make changes to their holiday travel due to rising prices. 

READ: Americans’ Holiday Travel Plans Fall Victim to Biden-Flation

READ: A Thanksgiving Dinner Cheatsheet for the Biden Economy

In order to stay warm this winter, American families will pay enormous energy bills in Biden’s cruel economy. 

  • Families are worried about how they’ll heat their home, as energy bills skyrocket to the highest prices in 25 years.
  • Families who heat their home with natural gas will pay $1,094, up more than 20 percent from last year, while families who heat their home with oil (typically in the Northeast region) will suffer even more, with an average bill of $2,354.
  • This comes as households have taken on $351 billion in debt – the largest increase since 2007.

READ: Report: Northeast Region is Rationing Oil Ahead of Winter Heating Crisis

Small businesses have struggled through President Biden’s cruel economy with inflation, a worker shortage, and now more tax hikes and a recession.

  • At least 30 percent of business owners reported inflation as the single biggest challenge in operating their business.
  • More than half of top job creators have warned that inflation has yet to reach its peak.
  • At least 91 percent of top job creators are bracing for a Biden Recession, prompting more than half to consider layoffs in the next six months, according to a recent study. 

READ: Prices Outpace Wages Under Biden-Flation, Creating Hidden Tax

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