NRF: Black Friday bargains drive shoppers to stores

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NRF: Black Friday bargains drive shoppers to stores

December 01, 2008

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Average holiday gift spending increased 7.2 percent to $372.57 over Black Friday weekend, compared with last year's $347.55. Total spending reached an estimated $41 billion.

Washington--Retailers breathed a collective sigh of relief over Black Friday weekend, as more than 172 million shoppers visited stores and Web sites, up from 147 million shoppers last year, according to the latest study by the National Retail Federation (NRF).

The NRF's 2008 Black Friday Weekend survey, conducted by Big Research, also shows that shoppers spent an average of $372.57 from Thursday through Sunday, up 7.2 percent over last year's $347.55. Total spending reached an estimated $41 billion.

"Pent-up demand on electronics and clothing, plus unparalleled bargains on this season's hottest items helped drive shopping all weekend," NRF President and Chief Executive Officer Tracy Mullin said in a media release issued on Sunday. "Holiday sales are not expected to continue at this brisk pace, but it is encouraging that Americans seem excited to go shopping again."

Friday was the busiest day of the weekend, with 73.6 million consumers hitting stores and Web sites for door-buster sales. Approximately 23 percent of shoppers were at stores by 5:00 a.m., and more than half (57.6 percent) were at stores by 9:00 a.m.

Though traffic did subside after Friday, retailers were also buoyed by two-day sales as 56.9 million consumers shopped on Saturday, up from 48.3 million last year, while another 26.2 million people planned to shop on Sunday.

Thanksgiving Day also continues to increase in importance as the number of people who shopped on Thursday was up 48 percent over last year (16.2 million people vs. 10.9 million people).

Though retailers in all categories were featuring big bargains, a majority of shoppers visited discount stores for holiday deals. According to the survey, more than half (54.7 percent) of this weekend's shoppers visited discount stores. Nearly half (43 percent) shopped at a traditional department store, up 11.1 percent from 38.7 percent last year. About one-third of shoppers visited specialty stores such as clothing or electronics stores (36 percent) and shopped online (34 percent).

As expected, many shoppers (50.9 percent) purchased clothing and accessories over the weekend, while 39 percent bought books, CDs, DVDs and video games and 35.9 percent purchased consumer electronics. Toys were also big sellers, as 28.5 percent of shoppers bought a toy. According to the survey, gift card purchasing dropped 10 percent, with 18.7 percent of shoppers purchasing a gift card over the weekend, down from 21 percent last year.

"Though retailers should be encouraged by strong traffic and sales over the weekend, consumers are still being cautious," Phil Rist, executive vice president of strategic initiatives for Big Research, said in the release. "Weekend shoppers indicated that they are still sticking to a budget and thinking carefully before making any holiday purchases."

According to the survey, Americans have completed slightly more shopping than they had one year ago (39.3 percent vs. 36.4 percent), indicating that traffic and sales over the next several weeks will moderate.

The NRF continues to project that holiday sales will increase 2.2 percent this year to $470.4 billion.

The NRF 2008 Black Friday Weekend survey was designed to gauge consumer behavior and shopping trends related to the winter holidays. The NRF defines the weekend as sales from Thursday, Nov. 27, to Sunday, Nov. 30. The survey polled 3,370 consumers from Nov. 27-29, and has a margin of error of plus or minus 1.7 percent.

The NRF is the largest retail trade association in the world, with members including department, discount, drug, grocery, independent and specialty stores, catalog merchants, chain restaurants and e-tailers, as well as the industry's key trading partners of retail goods and services.

For more information about the NRF, visit its Web site, NRF.com.

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