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Updated Nov. 24, 2023 6:16 pm ET

Millions of Americans visited stores on Black Friday but retailers are bracing for shoppers who are less willing to splurge this holiday season.

Many households have already begun their gift buying in a year when high prices for food and other essentials have sapped demand for apparel, home décor and other items people might want but not need.

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This post first appeared on wsj.com

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