Early Holiday Shopping: Surging but not Splurging
The numbers are filing in regarding Black Friday, Cyber Monday and the early holiday shop in general and while most reports are claiming shoppers are flocking to retail stores thus far, many are buying smaller ticket items and spending a bit less than the early returns from 2006.
Many consumers were drawn to discount stores and bargain prices, reflecting concerns about the economy, including rising energy costs and falling home prices. According to a recent survey from the National Retail Federation (NRF),
conducted by BIGresearch, more than 147 million shoppers hit retail Black Friday weekend, up 4.8% from last year. The spending numbers reflected that consumers spent 3.5% less on average than last year, $347.44 - down from the $360.15 in 2006. Many retailers reported that they made up for the lower average individual spending with the increased traffic surge.