Target’s TV “deal” shows shoppers are too smart for Black Friday

Plus: Grimes joins our podcast! [Bloomberg]( This is Bloomberg Opinion Today, a mediocre markdown of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - [Black Friday]( was a bust. - Covid was a [breach of trust](. - [Dollarization]( should be robust. - This [podcast episode]( is a must. Add to Cart Nov. 28, 2023, will be remembered for one thing, and one thing only: It’s the first time in history that Giving Tuesday isn’t just Giving Tuesday. It’s Giving … Tuesday. If you know, you know. And if you don’t, please show this newsletter to virtually anyone younger than yourself — your local barista or grocery store clerk will do — and they’ll explain everything. Oh, and tell them to [subscribe]( to Bloomberg Opinion Today while you’re at it — that’s what this global day of generosity is all about, right? Giving Tuesday arrives on the heels of the Holy Trinity of Thanksgiving deals: Black Friday, Small Business Saturday and Cyber Monday. But if you felt the “sales” were rather ho-hum this year, you’re not alone. Leticia Miranda [says]( this shopping season — “the crux of American winter holiday culture — hasn’t started off so bright.” Target, especially, is beginning the season on the wrong foot. More than 40 million people have viewed [a TikTok video]( of a shopper in Target’s TV department discovering its so-called Black Friday “deals” weren’t really deals at all: Hoodwinked. Target’s explanation? A spokesperson [said]( the TVs “were on sale before Black Friday as part of our early Black Friday sales.” But at what point do “early sales” become superfluous? The retailer is getting [roasted]( for its signage, and the saga only adds to the feeling that companies are trying to swindle consumers. “Shoppers are smart; businesses need to be smarter,” Leticia writes. On Black Friday, retail spending [increased]( by just 2.5% from last year, according to Mastercard. Although that figure doesn’t suggest we’re headed towards economic doomsday anytime soon, and [online shopping]( was fairly resilient, it highlights a challenge facing retailers: They can’t convince people to snatch up [mediocre markdowns](. “As much as excessive buying has come to define what it means to be ‘American’ for many, discount hunting has also become intrinsic to consumption in the US … retailers don't fully appreciate how much more savvy consumers are these days,” she argues. We want actual discounts, not dinky “deals.” Covid PTSD Well! The hazmat-free life was good while it lasted: Throughout the world, [headlines]( and [chyrons]( are screaming about a “puzzling outbreak” in China. But before you go all “HAVE U HEARD ABOUT THE NEW MYSTERY VIRUS” in your family group chat, please know that “it is not a mystery, nor is it a virus,” as Karishma Vaswani [writes]( (free read). Instead, she says, “the illness is thought to be a cocktail of winter bugs, among them [mycoplasma pneumoniae]( — bacteria that can cause mild infections of the respiratory system.” Still, a lot of people will read that sentence and get instant déjà vu about [Covid Times](, when you were using Lysol wipes to sanitize bananas you bought at the grocery store. No wonder F.D. Flam says [a lot of trust was lost]( in the pandemic. “Some public health agencies took [years to admit]( what had quickly become obvious: that the virus was airborne,” she writes. But with this new pneumonia, “pressing the pandemic-panic button is neither productive nor practical,” Karishma says. Instead, we should be focused on research and resilience. That means getting more information from China and working with health-care providers to improve existing infrastructure. “Despite some well-placed wariness about China’s information-sharing history, there is reason to be reassured,” she notes. Beijing appears to be playing nice with the [World Health Organization]( — a major improvement from the past, when it [withheld]( critical Covid research that may have linked the virus’s origin to wild animals. So while a new medical dilemma may make you feel intrinsically icky and on edge, recognize that your paranoia does humanity no good. Stay positive, people!!! Dollar Convert While Argentina’s president-elect was apparently [converting]( from Catholicism to Judaism on his “[spiritual](” trip to Queens on Monday, Tyler Cowen was grappling with a less pious form of conversion: [dollarization](. Tyler says the most practical path forward for Javier Milei’s government would be to follow [Ecuador](’s recipe for adopting the US dollar as legal tender. By borrowing boatloads of money, Milei could “stabilize Argentina’s fiscal position through a mix of tax hikes and spending cuts, and promise to convert pesos into dollars at some fixed rate,” he writes. After that, Argentina will have an uphill battle with the International Monetary Fund, which historically hasn’t been [too keen]( about dollar converts. Then there’s the matter of pegging the peso. If it’s too low to the dollar, it’ll lead to more upfront inflation. If it’s too high, the country will get doused in deflationary pressures. Neither option is good, and that’s assuming the peg is credible — a big if, according to Tyler. “In any case, one lesson is that dollarization tends to go more smoothly if people don’t know it is coming,” he says. Seeing the leader of Argentina — a Catholic stronghold — switch to Judaism sure wasn’t on my 2023 Bingo Card, so Milei has that element of surprise going for him, I guess: Crash Course In a [special episode]( of Crash Course, Lionel Laurent delves into how AI is disrupting the music industry with producer and songwriter extraordinaire Grimes. You can listen to the entire podcast on [iHeartRadio](, [Apple Podcasts]( or [Spotify](. Telltale Charts “Carmakers not called Tesla have spent the past decade being cajoled by governments, capital markets and journalists like me to speed up the transition to electric vehicles — and for good reason, because the planet is overheating,” Chris Bryant writes. But now that they’re actually listening, the [demand]( for EVs just isn’t there, and carmakers from Volkswagen to Ford are having to make some tough choices about their [output](. Chris says the waning interest derives from consumer worries about [cost, recharging](, [insurance premiums]( and poor residual values. But similar to cell phones and TVs, he believes “the next generation of battery-powered models will be better value and more capable than the first.” Yikes: “From a peak of 28% in 1999, the number of UK households that directly own stocks and shares has [fallen]( to 11%.” After a pandemic boost, America’s rate of stock ownership is nearly double that, Marc Rubinstein [writes](. Why have British people lost their appetite for investing? “One reason is performance,” he says, but another reason is taxes: “The UK imposes a stamp duty of 0.5% on every purchase of shares.” Further Reading Free read: Donald Trump’s ineptitude remains [a powerful advantage]( in democracy’s favor. — Francis Wilkinson Germany must meet the scale of [public investment]( required for the green transition. — Bloomberg’s editorial board Thank heaven for [the truce in Gaza](. But remember the hell that lies ahead. — Andreas Kluth Sorry, Lionel Messi: Emma Hayes is [a bigger deal]( for US soccer. — Bobby Ghosh The [old military-industrial complex]( isn’t gonna win a new Cold War. — Adrian Wooldridge High-end restaurants wrap you in luxury and seduce you [with science](. — Howard Chua-Eoan Virtual cash [will survive]( the crypto winter, but the Fed needs to get involved. — Bill Dudley Menopause affects half the world’s population. Why can’t we [stay informed]( about it? — Andreea Papuc ICYMI Berkshire’s [Charlie Munger]( died at 99. The [obesity pay gap]( is worse than we thought. There are only [350 Americans]( studying in China. Amazon is [causing chaos]( in rural America. The wife of a Ukrainian spy got [poisoned](. Kickers Rosalynn Carter [loved]( her [mayonnaise](. It’s not just you: Diet Coke [prices]( are on the rise. What did Great British Bake Off’s [Prue]( ever do to you? This woman organized a “[debt jubilee](” before she died. Do you tip more than everyone else? Here’s how to [find out](. (h/t Bobby Ghosh) [Not Reputation]( (Empire State Building’s Version). (h/t Christine Vanden Byllaardt) Notes: Please send a [strawberry cake](, hold the mayo, and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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