"Was It Worth the Wait?" Fewer Discounts, Lower Expectations... Black Friday Loses Its Luster [Week+Money+Talk]

Consumers Tighten Their Wallets Amid Rising Living Costs
Companies Say "It's Hard to Offer Discounts Like Before"

Editor's NoteWe are living in a time when a single serving of pork belly costs 20,000 won and a bowl of Jajangmyeon is 7,500 won. In 2024, the Consumer Price Index reached 114.18 (2020=100), and in 2025, the continued impact of high inflation has further increased the burden on consumers. Through the weekly "Jumoney Talk" (Week+Money+Talk) series, we aim to share stories about consumption that are closely tied to our wallets, reflecting the ever-changing prices.

While companies around the world are continuing product discount events for Black Friday, American consumers are indicating that they plan to cut back on spending this year due to rising living costs and other factors. As companies reduce their discount rates in the aftermath of the tariff war, there are growing opinions that Black Friday is not as attractive as it once was.

U.S. Consumers Expected to Spend $622 During Black Friday

Black Friday is a major discount event held on the Friday immediately following Thanksgiving (the fourth Thursday of November) in the United States. The event is called "Black Friday" because the surge in consumer sentiment and concentrated large-scale discounts can turn even companies in the red into the black. In particular, some products such as electronics and clothing are discounted by up to 90%, so many consumers wait for this period to purchase what they need. It is known that about 20% of annual U.S. consumption is concentrated during the sale season, which runs from Black Friday through the end of the year.

This year, interest in Black Friday remains high. According to a survey by global consulting firm Deloitte of 1,200 American consumers, 82% said they plan to shop during Black Friday week, up from 79% last year. Notably, 9 out of 10 Gen Z respondents (92%) expressed their intention to participate.

However, planned spending has decreased. Consumers reported that they plan to spend an average of $622 (about 900,000 won) during this period, a 4% decrease compared to last year. Spending had been increasing for the past four years, but this is the first decline. The reasons cited for reduced spending were ▲ rising living costs (69%) and ▲ financial constraints (43%). Deloitte stated, "While more consumers are planning to shop during the Black Friday-Cyber Monday period, spending is expected to decrease due to cost pressures and financial constraints."

"Discounts Aren't as Deep as Before," Some Say

On the 14th, when Lotte, Shinsegae, and Hyundai Department Store started their winter regular sales, a sale notice was displayed on the information kiosk at the main store of Lotte Department Store in Jung-gu, Seoul. Photo by Yonhap News

There are also criticisms that Black Friday no longer comes with the deep discounts of the past. Mark Mathews, Chief Economist at the National Retail Federation (NRF), said in an interview with TIME magazine, "Sales will take place, but it's hard to guarantee they will be as extensive as in the past."

The way discounts are offered has also changed recently. In the past, it was common to concentrate large-scale Black Friday discount events into one or two days. However, in recent years, companies have preferred strategies such as early and staggered promotions throughout November, resulting in fewer "big one-time" discounts. This is why some consumers feel there is no need to wait specifically for Black Friday anymore.

This shift in atmosphere is also influenced by companies reducing their discount rates due to increased cost burdens caused by President Donald Trump's tariff policies this year. Monty Sharma, CEO of Therabody, a massage device manufacturer, said, "We will still offer discounts, but it will be difficult to match last year's deep discounts." Coach, Nike, and Ralph Lauren are also reducing their discount rates to avoid being perceived as cheap brands.

Jessica Ramirez, who runs the brand consulting firm Consumer Collective, said, "There are definitely fewer promotions both online and offline this year," adding, "Discount rates have not been significant in recent years, and this year, most items were sold at nearly full price."

Meanwhile, similar analyses are emerging in the United Kingdom and elsewhere. The UK consumer advocacy group Which tracked the prices of 175 electronics, tech, and household products sold by eight major retailers, including Amazon, over the past year and found that not a single item was at its lowest price on Black Friday. For example, the Samsung Jet Bot robot vacuum was 350 pounds (about 670,000 won) on Black Friday last year, but dropped to 299 pounds (about 570,000 won) in May and June of the same year. The Guardian reported, "Consumers who wait until Black Friday may end up disappointed."