Black Friday 2014 deals - Across the U.S., thousands of shoppers started forming long queues outside department stores in anticipation for Black Friday 2014 deals as early as 4.am. 

While consumers and retailers are anticipating the day's sale, economists are carefully observing consumer spending behavior. Reports indicate that although the price of gas has been reducing and the jobs market showing signs of improvement, consumers are still weary of spending too much cash.

According to the National Retail Federation, Black Friday 2014 deals are expected to trigger a higher increase in consumer spending as compared to the same period last year. The federation forecasts an increase in spending from 3.1% last year to 4.1% (which translates to about $617 billion) in months of November and December.

However, a conducted by Georgetown researchers doesn't completely agree with this forecast. "The vast majority of consumers are planning to spend the same or less than last year during Thanksgiving sales events. In fact, the only subset of consumers planning to spend more this year are men and high-income individuals who are planning on shopping online," the reports reads.

Meanwhile, commentators say retailers are going out of their way to attract customers with mouth watering Black Friday 2014 deals of up to 70% discount.

"It's been a very tough, challenging retail environment. A lot of retailers want to get out earlier and win some of those sales before their competitors do," James Russo, the senior vice president of global consumer insights said.

But it isn't only American shoppers and retailers that are taking advantage of the Black Friday 2014 deals.

According to local sources, the UK has seen a major turn out of shoppers in anticipation for Black Friday 2014 deals. There have been several cases of arrests and fighting as people struggle to get Black Friday discounts on goods.