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Will holiday shopping deliver?
Posted
at
12:04 pm
by Amy Rolph
I started last night. I got two people checked off my list around 11:30 p.m.
All it took was my credit card and an online retailer I won't name on the off-chance my friends aren't lying when they say they read this blog.
My point is, the shopping season is upon us.
They call it Black Friday because it's the day retailers traditionally move from the red into the black -- meaning the day they turn a profit.
I call it Black Friday because that's how my soul feels after looking for parking at the mall.
There's a lot of pressure on this holiday season. In many ways, the economy is counting on a December boost to help along a somewhat lackluster recovery.
Despite the hype, Black Friday hasn't always played a huge role in driving the economy.
This year, it might.
Ellen Davis, spokeswoman at the National Retail Federation, told the Associated Press that the Saturday before Christmas had traditionally been the biggest sales day. But that day took a back seat in recent years as the tough economy made shoppers focus on pre-dawn early specials.
"In a recession, there's a greater response to the big deals," she told an AP reporter.
But a strong Black Friday doesn't necessarily mean a strong holiday shopping season. Last year, the weekend after Thanksgiving posted decent sales given the state of the economy -- down about one percent. But consumer spending continued to drop off in December.
This year is anyone's guess. But those who get paid to guess are saying the signs aren't looking too positive.
Earlier this week, the Conference Board released a survey of how much U.S. households expect to spend on holiday shopping this year. The average is $390 this season, down about 7% from $418 in 2008.
And the NPD Group reported survey results showing consumers might not be getting up at 4 a.m. to shop Friday. Only 32 percent said they'll shopping Thanksgiving weekend or earlier.
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