Consumers Spend Big During Black Friday Weekend
photo by tshein
Although the country’s unemployment rate is still high and the recession wages on, consumers didn’t let that stop them from shopping ‘til they dropped over Black Friday weekend. According to stats released by the National Retail Federation, the world’s largest retail trade association, more than 212 million shoppers hit stores and websites over Black Friday weekend, Nov. 25-27, spending a total of $45 billion.
On average, shoppers spent $365.34 this weekend, up from $343.31 last year; a 6.4 percent increase.
Shoppers came out in full force early to get some of the year’s best deals. Some started the shop-a-thon on Thanksgiving Day and one Florida family set-up camp outside a Best Buy nine days before Black Friday.
This is all great news for retailers as holiday shopping gets into full swing.
“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,” Matthew Shay, president and CEO of the National Retail Federation, stated in a press release. “As retailers look ahead to the first few weeks of December, it will be important for them to keep momentum going with savings and incentives that holiday shoppers simply can’t pass up.”