Black Friday: The Results Are In

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Last year Black Friday managed to provide both online and in-store retailers some welcomed relief, according to the National Retail Federation (NRF) report.

 

Turns out that 172 million shoppers visited stores; that’s up from147 billion last year. Total spending for Black Friday came in at around four billion dollars, averaging out to be about $327.57 per shopper. That is an increase of 7.2 percent from last year.

 

The driving force

So what’s behind the increases? “Pent-up demand on electronics and clothing, plus unparalleled bargains on this season’s hottest items helped drive shopping all weekend,” explained Tracy Mullin, NRF president and CEO. Holiday sales are not expected to continue at this brisk pace, but it’s encouraging that Americans seem excited to go shopping again.”

 

Black Friday turned out to be the busiest of the weekend, resulting in 73.6 million shoppers at stores by early morning in an effort to snag the best deals. Beyond that weekend, American’s have slightly increased shopping for the holidays, up 3.3 percent from last year’s 36.4 percent.

 

Sales are up

Where are shoppers spending their money? Over half of Black Friday’s shoppers turned up at discount stores; 43 percent at department stores; 36 percent at specialty stores and 34 percent shopped online.

 

Even though the NRF report is encouraging, the overall forecast for this holiday is modest at best. NRF predicts holiday sales this year will rise 2.2 percent, making this the slowest season since 2002.

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