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Black Friday is a thing of the past.

In the current Black November landscape, “All the pre-holiday sales, it’s easy to see,” Drexler said. “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 hoodie and jogger sets. Both low-income 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 an 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 Companies ( TJX ) reported solid earnings but also forecast a tougher quarter ahead.

Target's ( TGT ) results and outlook bombed, sending the stock 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.”