Black Friday no longer pulls Americans from Thanksgiving dinners for midnight mall queues, but it still draws more in-store traffic than any other day of the year — and remains the unofficial start of the US holiday shopping season.This year’s kickoff came as US consumer confidence slipped following the federal government shutdown, weak hiring and stubborn inflation, according to The Conference Board, AP reported. Retailers say shoppers have grown more selective and deal-focused, even as they continue to spend on big seasonal moments, creating what executives describe as a “halo effect”.“Consumers have been saying the economy is terrible while continuing to spend for years now, so the outlook is probably better than they are telling us,” Bill Adams, chief economist at Comerica Bank, said ahead of Black Friday.At Macy’s Herald Square in New York City, early-morning crowds searched for steep discounts on shoes, clothing, linens and cosmetics after doors opened at 6 a.m. Footwear — marked down by 40–50% — was among the busiest sections. But unlike in past years, the atmosphere was calm.Veronica Nam, 68, picked up Nike sneakers for her husband and spent $256 on Lacoste bedding she estimated was half-price. She said she would wait until after Christmas to buy gifts for other relatives amid fluctuating tariffs under President Donald Trump and several years of elevated prices. “Food is very expensive,” she said.Nearby, 19-year-old Nicholas Menasche was shopping with his mother before heading to Best Buy for video games. The banking intern plans to spend around $1,200 this holiday season — roughly the same as last year. “I’m here to buy stuff. Shoes and clothes,” he said. “It’s a great tradition. The stores are open really early.”Retailers spent spring and summer navigating tariff unpredictability, shifting shipments ahead of import taxes and absorbing some costs to avoid raising prices. Circana data showed 40% of general merchandise in September saw price hikes of at least 5% versus early 2025. Toys, housewares, baby products and sports gear were especially affected; 83% of toys saw at least a 5% price rise. Nearly 80% of US toy sales involve items made in China — a sector hit with steep Trump-era tariffs.Still, malls and analysts reported strong momentum heading into Black Friday. At Minnesota’s Mall of America, foot traffic has exceeded 2019 pre-pandemic levels in recent weeks, said Jill Renslow, the mall’s chief business development and marketing officer. “We’re seeing a very positive start to the holiday season,” she said. “The last few Saturdays in November have been very strong.”Online spending is also growing briskly. Between Nov. 1 and Nov. 23, consumers spent $79.7 billion, Adobe Analytics said — up 7.5% from a year earlier and ahead of its 5.3% forecast.Mastercard SpendingPulse projects holiday sales from Nov. 1 to Dec. 24 will rise 3.6%, compared with last year’s 4.1%.“Clearly, there’s uncertainty,” Mastercard Chief Economist Michelle Meyer said. “Clearly, consumers feel on edge. But at the moment, it doesn’t seem like it’s changing how they are showing up for this season.”