Under the heavy pressure of tariffs, American retailers can't offer discounts this Black Friday.

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As the US holiday shopping season kicks off, consumers may find that this year’s Black Friday discounts are far less than in previous years.

Tariff pressures and ongoing inflation are eroding the profit margins of US retailers, forcing them to reduce discounts during this year’s Black Friday shopping season. According to a Bloomberg report on November 12, many companies—from small sellers on Amazon to well-known brands—are facing surging costs due to the tariff policies implemented by the Trump administration.

This shift is directly impacting consumers’ shopping expectations and spending power. Against the backdrop of declining disposable income, retailers are facing a tough choice between protecting profits and attracting price-sensitive customers.

Dan Peskorse, founder of Upstream Brands, bluntly stated that due to tariffs driving up product costs, offering discounts is no longer financially viable. One of the company’s copper herb peelers, which sold for less than $20 last year, has risen to about $30 this year due to metal tariff costs.

Additionally, health device manufacturer Therabody has raised product prices by 5% to 7% because of tariffs, and its CEO Monty Sharma said the company cannot afford large discounts like it did last year.

Neil Saunders, managing director at GlobalData, pointed out that retailers are “caught in a dilemma”—on one hand hoping to protect profits, and on the other knowing that consumers expect discounts in today’s fiercely competitive environment. He predicts this year’s discounts are likely to be based on increased prices, with actual savings less than they appear.

A survey by PricewaterhouseCoopers shows that the average consumer spending for this holiday season is expected to drop by 5%. The consumer confidence index from the University of Michigan also hit near-historic lows in early November.

Aside from tariffs, some brands like Coach and Nike are actively reducing discounts to maintain a premium brand image. The combination of these two trends means that this holiday shopping season will be challenging for consumers seeking steep discounts.

Coach CEO Todd Kahn said that in recent years the company has deliberately avoided deep discounts to ensure its products are seen as worth full price. This strategy to maintain brand exclusivity has also been adopted by Nike, Levi Strauss & Co. and other companies.

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