Not Good News
Bargains proved to be the key to luring shoppers into stores over the Black Friday weekend.
According to a survey by the National Retail Federation, 195 million shoppers visited stores and websites over the holiday weekend. The number is up 13.4 percent from last year’s 172 million shoppers.
But while the number of shoppers was up, average spending was down over last year. It’s estimated that dollars spent per person dropped 17 percent from a year ago’s $372.56 to $343.31.
- U.S. consumers spent significantly less per person at the start of the holiday season this weekend, dimming hopes for a retail comeback that would help propel the economy early in 2010.
The lackluster spending could pressure retail stocks on Monday as some investors were looking for a stronger showing compared with a year earlier, when consumers were being hammered by the recession and credit crunch.
Labels: money questions