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
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Alfonso Esparza
Latest posts by Alfonso Esparza (see all)
- Canadian Inflation Lifts Probabilities of an October Rate Hike - 09/21/2018
- US Dollar Recovers Ground Ahead of Fed Meeting - 09/21/2018
- Loonie Flat as NAFTA Hope is Cancelled by Oil Drop - 09/20/2018