A shopper in the seasonal aisle of a Target store on Black Friday in Chicago, Illinois, US, on Friday, Nov. 25, 2022. US retailers are bracing for a slower-than-normal Black Friday as high inflation and sagging consumer sentiment erode Americans demand for material goods. Photographer: Christopher Dilts/Bloomberg via Getty Images
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The bad news: Consumers aren’t expected to spend more this holiday season. The good news: Our retail stocks should do well anyway.