Black Friday has evolved from massive crowds and rock-bottom prices to a more subdued affair. Stores are opening later, foot traffic is flat, and online shopping is on the rise. Consumers are uncertain about the quality of deals, with promotional pricing getting better closer to the holidays.

While Black Friday remains important for retailers, the in-person experience is changing. Many shoppers are opting to shop online rather than visit physical stores. Retailers are adjusting their strategies, launching sales earlier and spacing out promotions over several events.

The number of shoppers planning to make purchases on Black Friday has decreased, especially among millennials and Generation X. Spending during the Thanksgiving to Cyber Monday period has declined for two consecutive years, with consumers planning to spend 4% less this year, according to a Deloitte survey.

Over time, retailers have extended Black Friday promotions beyond a single day, diluting the impact of the event. Online shopping has surged during the pandemic, reducing the need for in-person sales. Consumers can now spread out their spending over a longer period, raising questions about the value of Black Friday deals.

Widespread discounting before, during, and after the holiday season has left consumers feeling skeptical. Some promotions may be disguising price increases, eroding trust in the value of deals. Brands like Gap, Levi Strauss, and Under Armour have started Black Friday sales on Thanksgiving, offering promotions comparable to earlier in the season.

Read more at CNBC: How retail’s biggest event became a letdown