From Morgan Stanley in a Nov. 7 note to clients:

Consumers are waiting for a deal; 70% of shoppers said they are waiting for stores to offer discounts before they begin their holiday shopping (Exhibit 7). Shoppers are looking to see substantial discounts before they begin spending; 30% of shoppers are waiting for 10% - 20% discounts while 27% are looking for 21% - 30% discounts. In the absence of last year’s supply issues consumers will have plenty of choices this year and will feel free to shop around for the best prices. Stores offering the best deals will be able to grab the largest wallet share but at a hit to margins.

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