The holiday shopping rush is in full swing with Black Friday, Small Business Saturday, and Cyber Monday drawing millions of Americans to stores and online checkouts. The National Retail Federation predicts this year’s holiday season could break records, with retail sales expected to surpass $1 trillion nationally.
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In El Paso, Tom Fullerton, a professor of economics at UTEP, advises shoppers to be cautious despite tempting discounts. “They can take advantage of a lot of the discount pricing that is taking place right now,” Fullerton said. “But it’s important to try not to run up the credit card balances too high because credit card interest rates are at historically high levels.”
The National Retail Federation estimates about 187 million people will shop between Thanksgiving and Cyber Monday, with 130 million on Black Friday, 67 million on Saturday, including Small Business Saturday, and 74 million on Cyber Monday.
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Fullerton suggests that buying in person may save money in the long run. “There’s probably not a financial advantage to shopping online because then the customer pays for the shipping costs,” he said. “In terms of delivered costs, probably there is a price advantage to shopping in person.” As Small Business Saturday approaches, economic experts remind shoppers that small businesses are a key part of the local economy.
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