Black Friday A Boon For Retailers
(11/30/2010)
U.S. shoppers spent 6.4% more this Black Friday weekend than last year, making purchases at department stores and apparel shops rather than at discounters, according to the National Retail Federation (NRF). Analysts expect retailers to report stronger than predicted overall November sales, buoyed by the estimated $45 billion spent by consumers over the recent four-day weekend.
“While Black Friday weekend is not always an indicator of holiday season performance, retailers should be encouraged that a focus on value and discretionary gifts has shoppers in the spirit to spend,” said Matthew Shay, NRF president and CEO.
On average, NRF data shows a typical shopper spent $365 last weekend, up from the 2009 figure of $343. About 212 million shoppers visited stores and websites between Thanksgiving morning and this past Sunday night, up from 195 million during the same period last year. Enticed by deep discounts and early-bird specials, the number of people who began their Black Friday shopping at midnight rose from 3.3% last year to 9.5% in 2010. By 4:00 a.m., nearly 25% of Black Friday shoppers were already at stores.
Online sales were strong as well, reaching $648 million on Black Friday alone, a 9% improvement compared to 2009. For the holiday season to date, over $11 billion has been spent online, a 13% year-over-year increase. In terms of web traffic, comScore Inc. reported Amazon.com received the most holiday weekend visitors, followed by Wal-Mart, Target and Best Buy. EBay has announced Black Friday success as well, reporting that buyers using its mobile apps almost doubled compared to a year ago. The company expects to triple its holiday year-over-year sales, reaching about $1.5 billion.
Discretionary spending also increased this Black Friday weekend as more people purchased electronics, toys, jewelry and books this year. Early reports say big-ticket spending continued yesterday, on Cyber Monday, with over $100 million Americans shopping online, a double-digit increase in activity over 2009. Analysts say it’s possible Cyber Monday sales could eclipse $1 billion.
