Black Friday Weekend $52.4 Billion
November 29, 2011 by staff
Black Friday Weekend $52.4 Billion, A survey by National Retail Federation about the amount of money spent this Black Friday 2011 sent economic palls of doom flying out the window. The survey found that this year total spending was 16% higher than last year, reaching a record $52.4 billion as opposed to $45 billion of last year.
The shoppers reached a record 226 million and they helped mop up the holiday season merchandise through shopping stores and online between Thursday and Sunday. Last year the consumers numbered 212 million last year. NRF also found that individual shoppers also picked up courage to spend more than ever. This year an average individual consumer spent $398.62, up from $365.34 in 2010.
One of the reasons for these record breaking sales was the early opening times of big-box retailers like Wal-Mart, Toys R Us and Target’s. Young adults and men thronged these stores to lap up the holiday merchandise. These enthusiastic shoppers stayed at the stores, nearly one-quarter of them, well past midnight on Black Friday. Last year, only 9.5% shoppers stayed to shop till midnight.
Marshal Cohen, chief industryanlyst at the NPD Group, said in a statement, “I would say that means we will have to be on the look-out for a new tradition and that is more and more stores will be opening on Thanksgiving night next year.”
Another survey this Saturday also revealed that retail sales on Black Friday alone climbed 6.6% this year to an estimated $11.4 billion.
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