Black Friday off to early start
Peak US shopping season underway
US retailers have fired the starting pistol for the peak holiday shopping season with a series of special deals.
Black Friday, the day after Thanksgiving and so named bcaause it is traditionally the day retailers move into the black and start to make profit, started early with some stores opening at 5am.
Early bird deals focused on products ranging from DVD players and drills to diamonds.
Early feedback to trade association the National Retail Federation suggests that consumers are also buying electronics, jewellery, and toys. An NRF survey estimates that up to 130m US consumers will go shopping this weekend.
NRF president Tracy Mullin said: “Retailers have gone all out with strong sales and promotions this weekend to flood their stores with shoppers,” and said even consumers who preferred to sleep in could not pass up the incredible deals at stores across the country.”
Mullin said that, unless weather is a factor, shopper turnout on Black Friday can help retailers gauge consumer sentiments and attitudes. “Strong sales on Black Friday can indicate that consumers are excited about the holidays and ready to spend. Consumers seem more settled this year and high gas prices don’t seem to be keeping shoppers out of the stores.”
The NRF is forecasting an increase of 4.5 per cent in holiday sales this year over last year, bringing estimated revenues of $220bn.
Its Consumer Intentions and Actions survey revealed that consumers plan to spend an aberage of just over $700 this year on holiday gifts, decorations, cards, candy, and food, up from $672 last year.
