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Thanksgiving weekend sales fall

  • The amount of money that consumers spent over the Thanksgiving weekend is estimated to have slipped 2.7% to $57.4B, the National Retail Federation says.
  • The drop is in contrast to estimates that Thanksgiving and Black Friday sales at brick-and-mortar stores rose 2.3%.
  • The average consumer spent $407.02 over the whole weekend, down 3.9% from last year.
  • The number of shoppers increased to 141M people from 139M.
  • The fall in spending came after retailers warned of a difficult holiday season and was due to the aggressive bargains on offer, a trend that is expected to continue.
  • However, the NRF maintained its forecast that retail sales will grow 3.9% for the whole holiday whole season.
  • Online sales climbed 17.3% on Thanksgiving and Black Friday, ComScore estimates, noting that the latter day attracted a record $1.2B in spending. The research firm expects Internet sales to rise 16% for the whole of the holiday season.
  • The most visited sites on Black Friday were those of Amazon (AMZN), eBay (EBAY) Walmart (WMT), Best Buy (BBY) and Target (TGT).
  • Total e-commerce sales hit $20.6B in the first 29 days of this holiday season, up 3.1% from last year, although this year includes more days.
  • Today is Cyber Monday, which the NRF reckons will attract 131M shoppers vs 129M last year. But as with Black Friday, Cyber Monday has started a day early, with J.C. Penney (JCP) and Macy's (M) among those who began related promotions yesterday. Target has gone further and created "Cyber Week."
  • More on Thanksgiving sales.
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Comments (3)
  • supercharger21
    , contributor
    Comments (4) | Send Message
     
    As with Consumer confidence failing to meet estimates in the prior weeks I feel the strongest revenue gains will be in the top ranking store chains. Macys is nice.
    2 Dec 2013, 05:24 AM Reply Like
  • wizwor
    , contributor
    Comments (50) | Send Message
     
    I'm not sure this is all about the economy. After years of bargains, maybe we are full? How many televisions does one need? How big? People were satisfied with Windows XP. Our computers are still fast enough. Everyone has a tablet (or three) and a smart phone. My eight year old Focus gets as good mileage as the new cars and my twelve year old Explorer runs like a champ.

     

    *burp*

     

    I slept in this year. I think a lot of people did.
    2 Dec 2013, 07:35 AM Reply Like
  • MintyFresh32
    , contributor
    Comments (366) | Send Message
     
    I think serious studies have pretty definitively established that "black friday" and Thanksgiving weekend sales tell you absolutely nothing about the economy or prospects for retailers in the holiday season. But the media needs something to chew on and so continues to breathlessly report on these meaningless statistics. Target has some headwinds, but remains a solid long-term play at these prices, especially for dividend growth investors. More full discussion of TGT here:http://bit.ly/13y3PMx
    2 Dec 2013, 08:24 AM Reply Like
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