Black Friday Goes Off, Dr. Doom Is Back and Chris Offends Everyone
Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers' websites. Overall online sales for the day after Thanksgiving were up 2.3% year over year, and electronics were a major contributor, as online sales surged 221% over an average day in October. Toys were another popular category for shoppers, up 285%, as was exercise equipment, up 218%. Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, as consumers continue to grapple with high prices and inflation.
In today's episode of The Higher Standard, Chris and Saied dig into these numbers and attempt to make sense of them.
They discuss a recent story indicating that Airbnb is recruiting multifamily landlords for short-term rentals at properties, as well as the problems that surround mutifamily properties.
Chris and Saied offer some insights into how blockchain companies like BlockFi work in light of the company's recent Chapter 11 bankruptcy listing.
They also discuss the reasons why the fanfare and sensationalism surrounding cryptocurrency has now vanished, and why crypto will never be the same.
Join Chris and Saied for this fascinating conversation.
Enjoy!
What You’ll Learn in this Show:
- How and why the S&P jumped over 700 points in just a week.
- Why S&P Global Ratings economist Beth Ann Bovino is telling people to brace for a recession in 2023.
- Why private hiring has slowed sharply in November.
- 'Dr Doom' Nouriel Roubini's seven Cs of crypto: Concealed, corrupt, crooks, criminals, con men, carnival barkers and CZ.
- And so much more...
Resources:
"Black Friday online sales top $9 billion in new record" (article from CNBC)
"Americans are spending $433 more a MONTH for the same products due to crippling inflation as consumer prices rocket 8% to nearly highest level in 40 years" (article from The Daily Mail)
"Collapse" in home prices is coming, experts say" (article from Axios)
"Home sales could plunge in 2023. These cities could see the biggest dips." (article from CBS News)
"Airbnb recruits multifamily landlords for sublets" (The Real Deal via Instagram)
"A Recession Akin to 1969-1970 Awaits U.S. Next Year, Economist Warns" (article from Barron's)
"30 under 30" (Forbes via Instagram)
"Fed officials see smaller rate hikes coming ‘soon,’ minutes show" (article from CNBC)
"Retiring baby boomers are getting wiped out by inflation and a volatile stock market: ‘It’s extremely scary’" (article from Yahoo! Finance)
"BlockFi lawyer tells bankruptcy court that the priority is to ‘maximize client recoveries’" (article from CNBC)
"Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports" (article from CNBC)
