How will inflation impact holiday shopping in Las Vegas?
LAS VEGAS, Nev. (FOX5) - Shoppers and stores are gearing up for Black Friday but what can we expect with record inflation this year? The National Retail Federation says despite inflation, a record 166 million shoppers will be buying during the Thanksgiving weekend between Black Friday and Cyber Monday. Small businesses say after difficult years during the pandemic, each and every sale is important.
Santa’s Wrap on Maryland Parkway is 16,000 square feet of Christmas, dwelling tens of thousands of holiday items. Owner Beth Tom opened the store with her husband 11 years ago. The small business, which does not do online sales, was challenged by the pandemic.
“The pandemic for us was extremely scary,” Tom confessed.
Santa’s Wrap has been preparing for this holiday season since last year, trying to predict things like supply chain shortages.
“We start ordering in like November of the prior year and then we pretty much stop ordering January or February... We are heavily inventoried right now going into the season, most people would say it is an amazing place to be,” Tom contended.
“I think that it could be a great time for local businesses,” shared Amanda Belarmino, UNLV Professor and consumer behavior expert. Belarmino explained despite economic uncertainty, people are still traveling and she expects it to be a busy holiday season in Las Vegas.
“Consumers are responding to inflation and gas prices differently than they have done in the past,” Belarmino stated. However, Belarmino predicts consumers will be more cautious.
“We have seen that consumers have become more savvy in terms of going for price value, that they are not necessarily going for the cheapest thing but the thing that is going to bring them the most value... A lot of stores are doing aggressive sales trying to move inventory,” Belarmino said.
Everything at Santa’s Wrap is half off, prices Tom hopes will draw people to her store and support her small business.
“I hope that a million people come to visit us… it has been a tough year for a lot of people. I just hope that we all weather these economic problems that we are having and stick together as a family and enjoy Christmas season,” Tom added.
Belarmino predicts while inflation may not be stopping shoppers during the holidays, you can expect people to cut back come 2023.
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