Discounts And Debt Are Powering Holiday Season 美國假期消費狂熱，危機四伏。

Samedi 20 Decembre 2025

American consumers are spending more this holiday season, as retailers lure them with bargains. The search for bigger discounts isn’t just seasonal, though.

A record 203 million consumers shopped during the Thanksgiving weekend, according to the National Retail Federation. More than $44 billion was spent online from Thanksgiving through Cyber Monday, (Cyber Monday（網路星期一）是美國感恩節（11月第四個星期四）之後的週一，是黑色星期五的延續，主要針對線上購物的年度促銷日，電商平台會提供大量折扣，吸引消費者在返工後繼續網購，特別是電子產品和服裝類商品，已成為全球重要的網購節日之一。) up about 8% from last year, data from Adobe Analytics showed.

But shoppers struggling with inflation and economic uncertainty have sought out sales and turned to coupon finders(優惠券查找工具（Coupon Finders）是能自動尋找並套用折扣碼的瀏覽器擴充功能或App，如Honey和CouponBirds，它們能幫您在線上購物時節省大量金錢，透過在結帳時自動偵測、測試並套用最優折扣碼來實現。) and cash-back services throughout (兩個單字之間不分開) the year. Feeling stretched by the ripple (a small wave on the surface of water漣漪;微波;細浪) effects (a situation in which one event produces effects which spread and produce further effects連鎖反應) of tariffs and high interest rates, people are stacking (a way of storing data (= information) on a computer so that the last piece of data to be stored is the first one to be found by the computer（信息存儲方法）堆疊) discounts and using “buy now, pay later” at checkout, too.

At RetailMeNot, account registrations this year through November jumped 22% from the same period in 2024. Buy-now-pay-later use has also spiked (a very high amount, price, or level, usually before a fall（通常指在下跌前）非常高的數量，價格或程度)–just Monday, the payment method drove more than $1 billion in online spending, according to Adobe Analytics.

The National Retail Federation predicted that retail sales in November and December would exceed $1 trillion for the first time. But that total masks (to prevent something from being seen or noticed掩飾；掩蓋；遮蔽) a growing divide in how Americans buy: High-income shoppers are increasing spending at more expensive stores, while middle-income households are turning to value brands( "Value brands" 翻譯成中文最常用的是 價值品牌，指那些提供高性價比、物超所值產品的品牌，它們通常不以奢華定位，而是以可靠品質和實惠價格吸引注重性價比的消費者，例如 台灣屈臣氏、寶雅 等。)(聯合報註，Name brand則是名牌，強調品牌價值與品質認證；Premium brand是高端品牌，強調奢華與獨特性，常見於精品；Discretionary 和 luxury items指非必需品/精品).

Visits to value retailers like Burlington Stores, Ross Dress for Less and Walmart have increased this year, according to data from Placer.ai, a company that analyzes foot traffic at stores(門市客流量).

In recent earnings calls (法說會), several retailers noted that lower prices were driving business and enticing (Something that is enticing attracts you to it by offering you advantages or pleasure.（事物）誘人的，有吸引力的;迷人的)new customers. Walmart said increased earnings had stemmed (a central part of something from which other parts can develop or grow, or which forms a support主幹)in part from the shift toward value items. T.J.Maxx said its lower prices were distinguishing (A distinguishing mark or feature is one that makes someone or something different from similar people or things.有區別作用的，顯著的)it from competitors.

At the same time, retailers selling discretionary or luxury items, such as Best Buy and Williams Sonoma, have increased revenue in recent quarters, suggesting that some consumers will still splurge (to spend a lot of money on buying goods, especially expensive goods亂花（錢）;揮霍（尤指購買奢侈品）)on big-ticket (Big-ticket things are things that are expensive to buy, such as cars or furniture.昂貴的)gifts. Macy’s on Wednesday reported better-than-expected sales across its inventory, from discounted items to luxury goods.

Even with a slew (a large amount or number很多，大量) of discounts, some consumers are still going beyond their means (to spend more money than you receive as income) to afford the holidays. In an August survey by Rekuten and Hurris Poll, 24% of respondents with an annual household income lower than $50.000 expected to add credit card debt to afford seasonal shopping.

(Emmett Linder)