Despite big bargains, total holiday weekend sales slide 11% according to NRF estimates
New York-Despite some of the most promotional activity and extended operating hours the retail industry has ever seen, total spending for the four-day Black Friday weekend came in below projections, down a surprising 11.3% from last year. According to the National Retail Federation's preliminary figures, weekend spending dropped to $50.9 billion from $57.4 billion last year.
The group estimated that 133.7 million shoppers will have visited stores the past weekend, down 5.2% from last year. Shoppers spent an average of $380.95 over the four days, 6.4% less than the $407.02 they spend last year.
In a media call, NRF CEO Matt Shay expressed confidence that total holiday sales would rise in line with the group's 4.1% forecast for the season, despite the disappointing start. He noted that some people might have shopped earlier since there were lots of deals to be found prior to the holiday weekend, and that shoppers, who remain very price conscious, could be waiting until the holiday draws closer to get the best bargains.
“Every day is going to be Black Friday, every minute will be Cyber Monday,” Shay said of the rest of the holiday season.
While the NRF reported that it expects online sales over the weekend to be flat, other reports seemed to contradict its findings. According to IBM, online sales on Thanksgiving Day increased 14% while Black Friday sales rose by 9.5%. And comScore estimated online sales on Thanksgiving Day rose 32% compared to last year to hit $1.01 billion in spending, while Black Friday (November 28) web sales rose 26% to hit $1.51 billion.