Black Friday Sales Take Big Dip
Retailers were seeing red this Thanksgiving weekend as they sought to explain an 11% drop in total sales. In-store and online sales totaled $50.9B for the period starting Thursday and ending yesterday, down from $57.4B last year despite cutthroat deals and controversial moves to open stores earlier than ever on Thanksgiving. Additionally, the average shopper spent $380.95 over the period, off 6.4% from last year's $407.02, The New York Times reported. Even internet sales slowed, with the average online shopper plunking down $159.55 over the four days, down 10.2% from last year.
National Retail Federation chief Matthew Shay told the Times that "there are a significant number of Americans...for whom the recession is not yet over" by way of explaining the drop-off. The federation had predicted a strong 2014 holiday season. Another explanation for the weak showing is the faded importance of Black Friday thanks to major retailers offering serious discounts weeks earlier. Holiday savings at Walmart, for example, kicked off on November 1.
