Black Friday starts early, but expect fewer holiday deals

Holiday shopping and Black Friday deals are already underway, with millions of Americans expected to hit stores and cruise for online discounts as they make up for lost time due to the COVID-19 pandemic.

"There's a bit of pent-up demand, as consumers are still saving money on not traveling and vacationing as much," retail analyst and consultant Neil Saunders told CBS MoneyWatch. "There's also a determination to have a really good holiday, as last year was a bit of a washout."

The National Retail Federation forecasts record holiday spending, predicting retail sales will jump more than 10% to $859 billion. Early signals already point to robust spending, with sales climbing 1.7% last month as people purchased fitness gear, electronics and clothing heading into the holidays.