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Black Friday is a thing of the past.

“I now call [Black Friday] Black November,” Mickey Drexler, chairman of luxury clothing brand Alex Mill, told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance's Opening Bid podcast (video above; listen below) 

In the current Black November landscape, “All the pre-holiday sales, it’s easy to see,” said Drexler. “You go online, you see everything.”

Over time, “I’ve seen the discounting grow and grow [throughout November],” he added.

Drexler, 80, has a storied tenure in the retail space as the former CEO of Gap (GAP) and J. Crew. He founded Old Navy at Gap and high-end apparel play Madewell at J. Crew — among other achievements such as outfitting the 90s generation in Gap jeans and white t-shirts.

Early in his career, he worked at department store chain Bloomingdale’s, where he learned a few key things about when some stores put items on sale.

His current company, Alex Mill, was founded by his son Alex in 2013. 

Customer loyalty and demands have become more elusive and enigmatic this year due to still-high prices for food and apparel. Retailers also face the challenge of five fewer shopping days between Thanksgiving and Christmas, making Black Friday and Cyber Monday more critical than normal.

“There’s a fatigue going on in the marketplace on prices,” Drexler said.

In particular, he has observed that consumers are becoming less keen on paying hundreds of dollars for insignificant hoodie and jogger sets. Both low- and high-income spenders are feeling the squeeze, according to Drexler. Lower-income shoppers are “getting very much pressured on goods,” he said. Meanwhile, the bigger spenders are “fatigued on out-of-control pricing,” but spending to support experiences like travel.

These trends have played out in November in third quarter earnings. Winners thus far have included Dick’s Sporting Goods (DKS), Abercrombie & Fitch (ANF), and Gap.  

The holiday season has started strong, Abercrombie & Fitch CEO Fran Horowitz told Sozzi in a live interview on Yahoo Finance on Tuesday.

Meanwhile, holiday staple Macy’s (M) delayed earnings on news of an internal financial kerfuffle, and Kohl’s (KSS) shares slid on weak earnings and a dismal outlook. Discounter TJX Cos. (TJX) reported solid earnings but also forecast a tougher quarter ahead. 

Target's (TGT) results and outlook bombed, sending shares spiraling lower. 

As for what consumers are seeking more of, “people are spending on themselves. They’re going to restaurants. They’re traveling,” Drexler said. “Whatever else is on that list, they’re treating themselves.”

Even so, holiday-centric spending continues to break records. The National Retail Federation (NRF) forecast a 2.5% to 3.5% rise in spending between November and December. Total spending is expected to hit $979.5 billion to $989 billion, which equates to a record of $902 per person. 

Deloitte, which also tracks holiday spending forecasts, shared that it expects to see $1.58 to $1.59 trillion in sales during the November through January time period. E-commerce sales, Deloitte added, should increase anywhere from 7% to 9% to $289 billion to $294 billion.

The VanEck Retail ETF (RTH) is up 6% in the past month leading into peak holiday season demand, outperforming the S&P 500's 3.8% gain. The Consumer Discretionary Select Sector SPDR Fund (XLY) has surged 10% in the past month.

Grace L. Williams is a writer for Yahoo Finance.

Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.

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