U.S. Retail Hurt by Online Holiday Sales

Early holiday promotions and rising online shopping took a toll on in-store U.S. sales during the Thanksgiving weekend as shoppers on average spent 6.4 percent less than they did a year earlier, according to data released Sunday by an industry group.

The National Retail Federation estimated shoppers on average spent $380.95 at stores this holiday weekend, which began on Thursday, compared with $407.02 a year ago, and total spending fell about 11 percent to $50.9 billion over the weekend.

NRF President and Chief Executive Matthew Shay said there is an “evolutionary change” in holiday shopping among both consumers and retailers, and this trend is likely to continue.

 
The data highlights the growing importance of online sales and the waning importance of Black Friday, which until a few years ago traditionally kicked off the holiday shopping season in the United States, as more retailers open their doors on Thanksgiving Day and start discounting merchandise earlier in November.

comScore, a retail analytics firm, said U.S. online sales rose 32 percent to $766 million on Thanksgiving and 26 percent to $1.2 billion on Black Friday, driven by stronger deals online.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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