TD Cowen, a brokerage firm, revised its U.S. holiday spending growth forecast down to 2-3% from the previous 4-5%, predicting stagnant Black Friday foot traffic. In the U.S., strained by inflation and high interest rates, holiday spending is expected to increase at its slowest rate in five years, prompting retailers to cut back on seasonal hiring.

Despite these challenges, the National Retail Federation (NRF) anticipates a record 130.7 million people shopping in stores and online in the U.S. on Black Friday. However, early morning scenes at a Walmart in New Milford, Connecticut, showed a half-full parking lot, indicating a subdued turnout.

U.S. consumers are planning to spend an average of $875 on holiday purchases, primarily on clothing, gift cards, and toys, as per the NRF survey. In Europe, clothing and electronics are the top picks for Black Friday shoppers, with a significant portion of purchases expected online, particularly in France.

In the UK, transaction volumes saw a mere 1.4% increase compared to last year, as reported by Barclays. The prominence of Black Friday has been diminished by the rise of online shopping, with retailers like Macy's and Amazon launching deals as early as October.

Online spending hit a record $5.6 billion on Thanksgiving Day, a 5.5% year-over-year increase, according to Adobe Analytics. Top-selling items included Barbie dolls, Marvel action figures, PlayStation 5, and "Call of Duty: Modern Warfare III." Adobe predicts the best deals on Black Friday for televisions and anticipates even lower prices by Cyber Monday for various products, including clothing and furniture.