Holiday spending this year has hit its lowest point in five years, as shoppers are prioritizing deals and discounts over extravagant splurging.

According to retail experts, this trend reflects a shift in consumer behavior influenced by economic uncertainty and the increasing popularity of online shopping.

In a survey conducted by a leading market research firm, it was revealed that 72% of holiday shoppers actively sought out discounts and promotions before making their purchases.

At 6 a.m. on Friday at a Walmart in New Milford, Conn., the parking lot was only half full, according to Reuters.

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“It’s a lot quieter this year, a lot quieter,” said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Black Friday. She was at a nearby Kohl’s store at 5 a.m., according to the news service.

This marks a significant increase compared to previous years, indicating that consumers are becoming increasingly price-conscious.