National Retail Federation says Black Friday Weekend spending falls 3%
Total spending from Thursday through Sunday fell 3% from a year earlier to $57.4 billion, with shoppers spending an average of $407.02, down 4% from $423.55 a year earlier, according to the National Retail Federation. This seems to be a slightly different take then data from ShopperTrak LLC which showed a positive trend for Thursday & Friday.Online shopping continued its steady rise over the Black Friday weekend, accounting for 42% of sales racked up over the four-day period, up from 40% last year and 26% in 2006. Read more in the Wall Street Journal.
Earlier we noted that retailers like Wal-Mart (WMT) & Target (TGT) made discounts available earlier and noted more shoppers opted to shop on Thanksgiving. Macy's (M) opened for the first time ever on Thanksgiving. K-Mart (SHLD), and Wal-Mart began promoting the holiday much earlier as a late Thanksgiving makes the holiday shopping 6 days shorter. Other retailers like JC Penney (JCP) are banking upon a very strong holiday season to stymie losses from damage done by previous CEO, former Apple (AAPL) executive, Ron Jonhson.