Editorial: Will pricey holiday gifts restrain urge to splurge?

Even though inflation has cooled the cost of living s floor remains high Given that reality the Retailers Association of Massachusetts expects shoppers to curb spending this holiday season The statewide exchange association predicts a modest increase in local holiday sales That estimate based on an annual survey of Massachusetts small businesses compares to the to increase projected by the National Retail Federation which accounts for businesses of all sizes RAM s sales forecast signals a distinct departure from latest holiday seasons Sales in increased in both Massachusetts and nationally and by locally and nationwide in We are asking Massachusetts holiday shoppers to remember that how they invest their dollars makes a big difference for the local market RAM President Jon Hurst mentioned We know consumers nowadays are cautious and they are spending increased portions of their holiday spending budget online but we ask them to commit to investing a good portion of their purchases right here in our communities Though year-to-date sales for RAM members have risen by cost-of-living constraints on families and sellers threaten to negatively impact small businesses bottom lines That s because costs continue to outpace sales RAM members reported payroll costs rose this year while fourth-quarter inventories posted a increase over the same period last year RAM s membership has begun to embrace Internet commerce about of the association s members now sell online compared with during the holiday season Hurst explained Internet sales now make up to of the smaller RAM members holiday sales Nationally it s estimated online sales will account for of retail activity Locally the holiday season makes up of annual retail sales with specific stores posting to gains during the period So how have RAM s perceptions squared with reality Anecdotally the commerce group s estimates initially seem to align with consumer sentiment albeit derived from a small sample size Nationally despite the widespread economic uncertainty shoppers turned out in droves on Black Friday spending billions of dollars in stores and online Adobe Analytics which tracks e-commerce noted U S consumers spent a record billion online on Black Friday marking a jump from last year Traffic particularly spiked between the hours of a m and p m local time nationwide when million passed through online shopping carts every minute Consumers also spent a record billion online on Thanksgiving Day per Adobe Top categories that saw an uptick in sales across both days included video championship consoles electronics and home appliances E-commerce platform Shopify stated its merchants raked in a record billion in sales worldwide on Black Friday At its peak sales reached million per minute Mastercard SpendingPulse which tracks in-person and online spending disclosed that overall Black Friday sales excluding automotive rose from a year ago No matter the degree of economic uncertainty or the differences in local and national buying habits it s arduous to suppress that urge to splurge on holiday gifts for friends and loved ones Sentinel and Enterprise Editorial cartoon by Chip Bok Creators Syndicate