As the holiday shopping season starts to kick into high gear, Americans are balancing Black Friday deals with lingering concerns about their own finances.

Consumers are looking to shell out less this holiday season, new data from Deloitte shows. Surveyed shoppers said they plan to spend 4% less than last year between Black Friday and Cyber Monday, citing higher costs of living and more fear of the economy.

It’s a reversal. Previous Deloitte surveys dating back to 2021 had shown shoppers planned to spend more than previous years during the post-Thanksgiving weekend.

The pullback is expected to hit both ends of the income spectrum. Consumers making less than $50,000 a year are expected to spend 12% less than last year, according to the business services firm. Shoppers making more than $20

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