Spending Was At An All Time Low For Black Friday And Corporations Lost Billions

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For years, Black Friday brawls and rampant materialism on the day after Thanksgiving have become a sort of twisted American celebration. However, each year the excitement continues to die down as people reject the Black Friday antics and instead do their shopping online or on other days. According to a survey by the National Retail Federation, Black Friday attendance was down over 3%, from 58.7% last year to 55.1% this year.

The survey noted that the average shopper was expected to spend $380.95, which was down from $407.02 the previous year. According to the group’s estimates, sales slipped from $57.4 billion to $50.9 billion.

“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions, and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” NRF president and CEO Matthew Shay said in a statement.

People have begun to change how they feel about Black Friday, with some deciding to support local businesses instead of large corporations, and others deciding to take the day off. As we reported earlier this month, outdoor and sporting goods store REI gave their employees a paid day off on Black Friday, urging them to spend a day out in nature.

“Fewer visits on both days reinforce the trend we’ve seen throughout the year, in which shoppers are researching products ahead of time, targeting their store visits, and arriving in-store with the intention of making a purchase. The decrease in shopper visits on Thanksgiving Day also lends itself to the social backlash against store openings on the holiday,” Kevin Kearns, ShopperTrak chief revenue officer said.

While the culture is changing and things are headed in the right direction, there are sadly still enough people out there who are willing to get into fights with their neighbors over electronic products that they don’t need.

 

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Gator
Gator

Funny how that guy spins the drop in spending to a “strengthening economy” where people don’t need the deep discounts anymore. Funniest thing I’ve read all day. Must be angling for a job with the fed or the BLS. And it damn sure isn’t a sudden increase in intelligence or a drop in mindless consumerism. It also makes me wonder where they get their participation in Black Friday shopping stats from. We buy a Christmas tree the day after thanksgiving every year, so do I count as a ‘black Friday shopper’ since I bought SOMETHING at a store on that day?

The real answer is that the economy is in the shitter and has been for a long time. People aren’t out buying cheap shit they don’t need because they don’t have any money and are probably maxed on their credit cards, not because they realize how stupid all this is.

AC
AC

We are attributing the 11% drop in sales to the improving economy.
– Most Clueless CEO Ever

I’ll bet he came up through the marketing division. At least they have stopped blaming the weather. That is something.

Anonymous
Anonymous

So they took the reason for the season out of the season to please those who don’t celebrate it anyway.

And now they are seeing the results.

An unintended consequences sort of thing.

Guy
Guy

Went out on a date today, and we got to the part where we asked about our careers. She was an economics major who now works in mergers and acquisitions. That means realistically, the people who figure out how to cut thousands of jobs when companies merge. I rarely bring up economics on dates, but because she worked at the coal face so to speak, I couldn’t resist.

She mentioned that they’ve been busy nonstop, even having a “vacation moratorium” for a while. Companies have been downsizing, and cutting costs without pause since the recession hit. Big companies go for acquisitions to cut costs further through bigger economies of scale, and smaller companies to get out while their valuations are high. I quipped that the Fed is painting a rosy picture about the economy, but the underlying fundamentals just don’t match up, to which she agreed. So there’s confirmation for all you bears that the economy is shit.

Stanley
Stanley

I ventured out to a local shopping area on Saturday, more of a collection of stores without being a mall. Target is the anchor store. Pier 1, Bed Bath & Beyond, Payless shoes, some other worthless retailers.

The collection of crappy shoddy China rubbish was unresplendent in the retail windows and on store shelves. Garish colors, cheap plastic stuff, throwaway junk guaranteed to self destruct immediately after it’s purchased. Not much buying going on. I do really think that America is tired of paying for such poor quality goods and is on a buying strike. We’re sick of this crappy stuff.

A few people at Target. No lines. That store just reeks of cheapshit from Ganjing, it’s nasty. Toothpaste, cat food, shampoo and outta there. 15 minutes. I meant to get light bulbs but didn’t – the cheapest light bulb on the shelf was $5.95! Fuck that, I can get them for a dollar somewhere else.

Then the supermarket. No lines there either.

Dead zone. And this is in ‘booming’ Seattle. I did get hit up by a homeless guy wanting a quarter.

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