Black Friday, Cyber Monday Fail to Allay Retail Anxiety
By Jason Simpkins
Associate Editor
Money Morning
Steep holiday discounts and bargain hunting boosted Black Friday sales, but a dour economic outlook leaves analysts skeptical that Americans will be able to sustain their buying frenzy for the duration of the holiday season.
Spending over the four-day Thanksgiving weekend rose 7.2% from a year ago to about $41 billion, according to the National Retail Federation (NRF). However, a shorter holiday shopping season and frugal shoppers could soon drive retail sales back down to their pre-holiday lows.
“Pent-up demand on electronics and clothing, plus unparalleled bargains on this season’s hottest items helped drive shopping all weekend,” said NRF President and CEO Tracy Mullin. “Holiday sales are not expected to continue at this brisk pace, but it is encouraging that Americans seem excited to go shopping again.”
The NRF continues to forecast a mild 2.2% jump in holiday sales, the smallest gain in six years
