International
Inflation clouds ‘Black Friday’ kickoff of US holiday shopping season
| PAr AFP | John Biers |
US retailers unveiled a trove of fresh promotions Friday, as they try to coax sales from reticent shoppers whose holiday cheer has been tempered by inflation and worries over a softening economy.
“Black Friday,” the unofficial start of the US holiday shopping season, announced itself with the annual day-after-Thanksgiving deluge of online deals and early store openings.
Traffic was steady at Macy’s flagship store in midtown Manhattan, where crowds braved drizzly, chilly weather to survey the mammoth department store and take in holiday windows that feature a Santa surrounded by disco balls and fox family of stuffed animals clad in plaid.
But industry experts have been cautious about this year’s prospects, in light of price pressures that have exacerbated concerns about an oversupply of goods.
A year ago, retailers faced product shortfalls in the wake of shipping backlogs and factory closures related to Covid-19. To avert a repeat, the industry front-loaded holiday imports this year, leaving it vulnerable to oversupply at a time when consumers are cutting back.
“Today’s problem is having too much stuff,” said Neil Saunders, managing director for consultancy GlobalData Retail.
Saunders said retailers have made progress in reducing excess inventories, but oversupply will mean deep discounts in many categories, including electronics and apparel.
“This is a holiday season where retailers are going to have to work very hard for very small gains,” he said.
The dynamic has created opportunities for savvy shoppers like Carla Forbes, who began scouring for holiday discounts weeks ago. She nabbed a jacket Friday at Macy’s for $79, down from an original price of $225.
While promotions on watches and jewelry have got “better,” she noted that such deals are not available for staples like food, for which prices have soared.
“You just have to buy it if you want (it),” Forbes said.
Diminishing savings
Leading forecasts from Deloitte and the National Retail Federation project a single-digit percentage rise in sales, but this is unlikely to exceed the inflation rate.
Adobe expects an overall holiday sales increase of 2.5 percent, less than a third of last year’s level. Besides inflation, Adobe cited higher Federal Reserve interest rates and an uptick in brick-and-mortar shopping as factors.
Consumers spent $7.28 billion up through 6:00 pm Eastern time (2300 GMT) for Black Friday, according to Adobe. The company anticipates that when the final tally is in, consumers will spend between $9 billion and $9.2 billion for the day, setting a new record for online sales on Black Friday.
Countries like Britain and France have been marking Black Friday too, but with soaring inflation, merchants there face a similar dilemma.
“The worry is that it could turn out to be more of a Bleak Friday,” said Hargreaves Lansdown analyst Susannah Streeter.
Anne Campbell, who was visiting New York from Scotland, said the mood felt very different from home, where worries about energy security and a weakening economy dominated.
“Things are very tight in the UK for a lot of people,” she said, contrasting this with spending in the US.
US shoppers have remained resilient throughout the pandemic, often spending more than expected even when consumer sentiment surveys suggested gloominess.
Part of the reason has been the unusually robust state of savings, with many households banking government pandemic aid payments at a time of reduced consumption due to virus restrictions.
But that cushion is starting to whittle away. After hitting $2.5 trillion in excess savings in mid-2021, the benchmark fell to $1.7 trillion in the second quarter, according to Moody’s.
Accompanying this drop has been a rise in credit card debt visible in Fed data and anecdotally described by chains that report more purchases made with food stamps.
Mixed picture
Recent earnings reports from retailers paint a mixed picture on consumer health.
Target stood on the downcast side, pointing to a sharp decline in shopping activity in late October, potentially portending a weak holiday season.
“We’ve had a consumer who has been dealing with very stubborn inflation for quarter after quarter now,” Chief Executive Brian Cornell told a conference call with analysts.
He added that customers are “shopping very carefully on a budget.”
But Lowe’s, another US chain specializing in home-improvement, described the same late-October period as “strong.”
Friday’s crowds in New York were more robust compared with a year ago, said shopper Marvin Thomas, who also ventured out for Black Friday in 2021.
Inflation is a “big problem,” he told AFP, catching his breath outdoors after finding a deal on a hat at Foot Locker.
“I’m not going to deny that it has affected me, but you gotta do what you gotta do.”
International
Kristi Noem credits Trump for mass migrant deportations by mexican president
U.S. Secretary of Homeland Security Kristi Noem claimed that Mexican President Claudia Sheinbaum has deported “more than half a million” migrants due to pressure from former President Donald Trump.
During a cabinet meeting highlighting the “achievements” of Trump’s administration in its first 100 days, Noem asserted that under the Republican leader’s influence, “Mexico has finally come to the table” to negotiate on migration and fentanyl trafficking.
“The president of Mexico told me she has returned just over half a million people before they reached our border,” Noem stated, criticizing media reports that suggest the Biden administration deported more migrants than Trump’s.
“I wish those deportations were counted,” Noem added, “because those people never made it to our border—she sent them back because you made her.” She went on to thank Trump: “They never made it here because they got the message—because you were so aggressive.”
Noem has made controversial claims about Sheinbaum in the past, prompting the Mexican leader to refute them.
On April 1, Sheinbaum responded to one such statement by declaring, “The president answers to only one authority, and that is the people of Mexico,” after Noem said on Fox News that she gave Sheinbaum “a list of things Trump would like to see” and that Mexico’s actions would determine whether Trump granted tariff relief.
International
Vatican releases special “Sede Vacante” stamps ahead of papal transition
he Vatican’s post offices and select collector shops began selling special edition stamps this week to mark the period between the death of Pope Francis and the election of his successor.
Known as “Sede Vacante” stamps, they feature an image used on official Vatican documents during the interregnum between popes — two crossed keys without the papal tiara. These stamps went on sale Monday and will remain valid for postal use only until the new pontiff appears at the window overlooking St. Peter’s Square.
Until then, they can be used to send letters, postcards, and parcels. “Once the new pope is elected, the stamps lose their postal validity, but their collectible value rises,” said Francesco Santarossa, who runs a collectors’ shop across from St. Peter’s Square.
The Vatican has issued the stamps in four denominations: €1.25, €1.30, €2.45, and €3.20. Each is inscribed with “Città del Vaticano” and “Sede Vacante MMXXV” — Latin for “Vacant See 2025.”
International
Conclave to choose pope Francis’ successor could begin in early may
The conclave, which in the coming weeks must choose the successor to Pope Francis, will strictly follow a precise protocol refined over centuries.
The 135 cardinal electors, all under the age of 80, will cast their votes four times a day — except on the first day — until one candidate secures a two-thirds majority. The result will be announced to the world through the burning of the ballots with a chemical that produces the eagerly awaited white smoke, accompanied by the traditional cry of “Habemus Papam.”
The start date for the conclave could be announced today, as the cardinals are set to hold their fifth meeting since the pope’s passing. Luxembourg Cardinal Jean-Claude Hollerich suggested it could begin on May 5 or 6, following the traditional nine days of mourning. According to German Cardinal Reinhard Marx, the conclave could last only “a few days.”
Although the late Argentine pontiff appointed the majority of the cardinal electors, this does not necessarily ensure the selection of a like-minded successor. Francis’ leadership style differed significantly from that of his predecessor, Benedict XVI, a German theologian who was less fond of large public gatherings. It also marked a contrast with the popular Polish pope, John Paul II.
The Argentine Jesuit’s reformist papacy drew strong criticism from more conservative sectors of the Church, who are hoping for a doctrinally focused shift. His tenure was marked by efforts to combat clerical sexual abuse, elevate the role of women and laypeople, and advocate for the poor and migrants, among other causes.
Kristi Noem credits Trump for mass migrant deportations by mexican president
Vatican releases special “Sede Vacante” stamps ahead of papal transition
Conclave to choose pope Francis’ successor could begin in early may
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
Defense Minister commends salvadoran soldier for Central American Cross Country victory
Extension of the state of emergency approved in southern Chile
-
International4 days agoNine dead after driver runs over crowd at Vancouver Street Festival
-
International3 days agoColombia sees deadliest surge in violence since FARC peace deal
-
Central America3 days agoGuatemala sees road blockades amid protests against lawmaker pay hikes
-
International4 days agoKing Charles III expresses deep sadness after Vancouver festival tragedy that left nine dead
-
International3 days agoSpain’s PM calls for calm and patience amid ongoing blackout
-
International3 days agoMexican activist who exposed pornography ring found dead in Veracruz
-
International3 days agoConclave to choose pope Francis’ successor could begin in early may
-
International3 days agoMadrid carries out 286 elevator rescues amid massive blackout
-
International1 day agoVatican releases special “Sede Vacante” stamps ahead of papal transition
-
International1 day agoKristi Noem credits Trump for mass migrant deportations by mexican president