Podcast Summary: "Is This the Year Discount Mania Finally Ends?"
The Business of Fashion Podcast
Release Date: November 26, 2025
Episode Overview
In this special holiday edition of The Business of Fashion’s Debrief, host Brian Baskin and senior correspondent Sheena Butler-Young, alongside reporters Kat Chen and Malik Morris, unpack the complexities of the current retail environment as the industry heads into Black Friday and Cyber Monday. Against a backdrop of consumer uncertainty and economic anxiety, the panel debates whether the perennial ‘discount mania’ that has defined holiday shopping will finally taper off, how brands are adapting, and whether consumers’ relationship with sales is fundamentally shifting.
Key Discussion Points & Insights
1. The Paradox of Consumer Sentiment vs. Spending
[01:46-04:19]
- Consumer Anxiety: Despite persistently negative reports on consumer sentiment and concerns about economic instability, Americans are still spending robustly—especially during the critical holiday quarter.
- Disparities in Spending: Kat notes the spending is driven by wealthier consumers, who are “insulated by a very strong stock market and real estate that’s appreciated immensely,” while the majority feels squeezed by slow wage growth and rising prices.
- “Every week there’s a new report out about how crappy people are feeling about the state of the economy... but the irony is that they’re still spending money.” — Kat Chen [01:57]
2. Retailers’ Evolving Black Friday Strategies
[04:19-07:19]
- Beyond Blanket Discounts: Malik explains that retailers can no longer rely on simple, sitewide deep discounts. Instead, they must articulate “why you need to stop scrolling and shop with us,” focusing on brand storytelling and curated experiences.
- “Slapping, you know, a 50% off everything discount... is not going to cut it this year.” — Malik Morris [04:32]
- Product ‘Newness’ and Hero Items: Brands launching new products specifically for Black Friday, coupled with campaigns prioritizing bestsellers, are outcompeting those merely clearing stale stock.
- “It’s about creating a sense of urgency to buy something right now... something that’s really fresh, that feels really fun.” — Malik Morris [06:02]
3. The Waning Era of “Discount Mania”
[07:19-10:11]
- Shifting Toward ‘Value’: Consumers want value—good deals on quality goods—not just the cheapest price for the sake of it. Kat highlights a move toward “surgical” pricing and away from endless, exhausting markdown cycles.
- “I feel like days of ‘we’re going to do all these markdowns, and then, like, it’s going to be a week of 80% off’... that mentality is changing.” — Kat Chen [07:31]
- AI & Pricing: Retailers are increasingly using AI to optimize pricing, potentially diminishing the need for dramatic sales events.
4. Consumers Still Love a Deal—But Curation Matters
[10:11-12:24]
- The Age of Curation: Malik argues shoppers still seek discounts, but “don’t want to feel like they’re just getting slop.” Smart inventory management and curated product assortments are key.
- “It’s a confluence of things to make consumers feel special during this time and to make things feel edited.” — Malik Morris [11:44]
- Exclusive Offers: Gift-with-purchase and early access for top customers are gaining popularity as ways to stand out amid the promotional noise.
5. Luxury Retail’s Unique Holiday Tactics
[13:29-17:36]
- Divergent from Discounting: Luxury retailers avoid traditional Black Friday deal frenzies. Instead, they’re focused on clienteling—lavish events, exclusive access, and personalized service targeting the wealthiest clients.
- “Their competitors are ramping up tactics to acquire a bigger slice of their competitors’ pie. And so it’s ramping up clienteling... courting these VICs, very important customers.” — Kat Chen [15:11]
- Market Upheaval: Turmoil among major players (Saks Global, Essence, Luisaviaroma) creates openings for brands like Bloomingdale’s, Mytheresa, and Forward (Revolve Group) to poach top clients and stylists.
6. Retailer-Brand Relationships and Vendor Dynamics
[17:36-21:57]
- Brand Partnerships Matter: Good vendor relationships lead to preferential inventory and faster stocking of new products, benefitting both brands and consumers. Kat details poor retailer payment behaviors and the ripple effect on product availability.
- “If a department store is nice to brands, they’re probably gonna get better products from them... first dibs on the great hero product of the holidays.” — Brian Baskin [19:56]
7. AI’s Growing Role in Shopping
[21:57-24:10]
- Shoppers & AI: Malik explains shoppers use ChatGPT to make gift lists and find deals, but AI-powered shopping apps haven’t become mainstream yet.
- “Shoppers [are] actually using ChatGPT to create Christmas lists and... consult where to find good deals on leather bags or blush or overcoats.” — Malik Morris [22:22]
- Future Potential: With direct checkout features and partnerships (Shopify, Walmart, Target), AI may soon streamline discovery-to-purchase holiday shopping flows.
8. Predictions and The Future of Holiday Shopping
[24:10-26:55]
- Brian: Predicts that this year AI will dominate recommendations, and next year it’ll close sales: “If you trust it to recommend products... why wouldn’t you trust it to just complete the sale?” [24:10]
- Malik: Thinks this year could spark the end of ‘discount mania,’ with brands retraining consumers away from constant deals. [24:30]
- Sheena: Warns that cash-strapped shoppers are still out there, and many are “going to be some very disappointed kids at Christmas if there aren’t deals that are 80% on at least something.” [25:02]
- Kat: Offers a theory: hyper-visibility and constant negative headlines sap confidence, regardless of actual economic status. [25:50]
9. Hosts’ Personal Shopping Habits
[27:00-28:39]
- Varied Approaches: The panel reflects on their own Black Friday behavior―ranging from avoidance, to last-minute deal hunting, to “fashion FOMO.”
- “By the time we get to Black Friday, I’m like, do I even have money left?” — Malik Morris [27:09]
Notable Quotes & Timestamps
-
“Every week there’s a new report out about how crappy people are feeling about the state of the economy... but the irony is that they’re still spending money.”
— Kat Chen [01:57] -
“Slapping, you know, a 50% off everything discount... is not going to cut it this year.”
— Malik Morris [04:32] -
“I feel like days of ‘we’re going to do all these markdowns... it’s going to be a week of 80% off’... that mentality is changing.”
— Kat Chen [07:31] -
“It’s a confluence of things to make consumers feel special during this time and to make things feel edited.”
— Malik Morris [11:44] -
“If a department store is nice to brands, they’re probably gonna get better products from them... first dibs on the great hero product of the holidays.”
— Brian Baskin [19:56] -
“Shoppers [are] actually using ChatGPT to create Christmas lists... consult where to find good deals on leather bags or blush or overcoats.”
— Malik Morris [22:22] -
“This is the year that maybe discount mania finally comes to an end.”
— Malik Morris [24:30] -
“I think there are going to be... very disappointed kids at Christmas if there aren’t deals that are 80% on at least something.”
— Sheena Butler-Young [25:02] -
“I have a theory... the reason why consumer sentiment surveys are trending downward... is because of the hyper-visibility of our lives.”
— Kat Chen [25:50]
Important Segment Timestamps
- Consumer Sentiment & Spending: [01:46-04:19]
- Retail Strategies for Black Friday: [04:19-07:19]
- Discount Culture Shifting: [07:19-10:11]
- Curation and Exclusive Offers: [10:11-12:24]
- Luxury Retail Tactics: [13:29-17:36]
- Brand-Vendor Relationship Dynamics: [17:36-21:57]
- AI in Holiday Shopping: [21:57-24:10]
- Host and Guest Predictions: [24:10-26:55]
- Personal Shopping Reflections: [27:00-28:39]
Tone & Language
Throughout, the panel balances industry-savvy analysis with a candid, conversational style, often blending sharp insights with personal anecdotes and a touch of humor (“the fashion disease called fomo” [28:06]).
Conclusion
This episode captures a moment of change in retail: as shoppers grow savvier and the convenience of AI looms ever larger, brands are forced to rethink the “discount for all” strategy, focus more on storytelling, and deliver tailored value. Whether or not this is the year ‘discount mania’ ends, the message is clear—brands must adapt, or get left behind.
For full coverage of Black Friday, evolving retail tactics, and holiday trends, visit businessoffashion.com and follow Kat Chen and Malik Morris’s reporting.