Nevada shoppers are expected to spend big bucks over the holiday season despite concerns with inflation.
The Retail Association of Nevada expects more than 1.7 million Nevadans to shop over Thanksgiving weekend and forecasts consumer retail sales in Nevada to grow by 8% during the holiday shopping season to reach a record $6.5 billion.
For shoppers seeking sales, it’s all about the deals to stretch their dollar further when gift-giving.
“Just like even a little bit, just it helps take the edge off,” Chloe Rojas said while visiting LoveBug Baby and Kids in Downtown Summerlin during Black Friday.
The local Las Vegas Valley business sells items for babies and children. The owner, Crystal Chase, was offering a 20% discount on most items in the store.
“It's been a lot busier than I had anticipated,” Chase said. “We've had a great amount of people coming in this morning more than we had anticipated, which is great for us as a small business.”
Another local business around the corner, With Love and Co., also noticed steady foot traffic in the store.
“It has been sheer insanity,” Teana Barbour, owner of With Love and Co. said. “So we've been making products for months getting ready.”
The shop sells health and healing products, which staff were making while customers came in to take advantage of the Black Friday sale and giveaways which included spending more than $50 to get a $5 Loverbuck.
“So, got here very early and started making (products) very early,” Barbour said “We make everything here. Everything is organic, handmade. You can eat all our products.”
While inflation weighs on shoppers, Kay Neumann said good deals will motivate her to open her wallet.
“If I can go and take advantage of sales that are going on and make my dollars spread a little bit more than absolutely, definitely, that's one of the reasons we're out here.”
The National Retail Federation (NRF) conducted a survey that revealed 62% of holiday shoppers agree that it is important to spend on holiday gifts and celebrations, even if that means cutting back spending in other areas. Further, 43%of consumers indicated that they do not earn enough to cover the costs of gifts and other holiday-related goods this year. As a result, shoppers are looking for other ways to supplement their income, whether it be by dipping into their savings (40% of consumers), taking on credit card debt (32%), using services like buy now, pay later (25%) and selling assets (22 %).