… BUT THEY SPENT LESS
Written by Sarah Halzack, Published in The Washington Post on November 27, 2016
About 154 million shoppers made purchases at stores or on e-commerce sites this holiday weekend, the National Retail Federation reported Sunday, a bump up from the 151 million people who last year participated in the annual barrage of Black Friday deals.
And though it is encouraging for the retail industry that more consumers opened their wallets this time around, it wasn’t all good news: Average spending per person was down to $289.19 from $299.60 in 2015.
Indeed, other data released this weekend offers evidence that online spending was strong on Thanksgiving and Black Friday. Adobe, which analyzed 22.6 billion visits to retail websites, reports that a record $3.34 billion was spent online on Black Friday, up 21.6 percent from the previous year. Sales on Thanksgiving Day were up 11.5 percent to $1.93 billion.
Adobe’s research found that top-selling items included iPads, Samsung 4K televisions and toys such as Lego Creator sets and the Barbie Dreamhouse.
The NRF had earlier projected that the retail industry would see a 3.6 percent increase in sales this holiday season over last year. That would be significantly better than the 3 percent growth registered in 2015. The trade group’s chief economist, Jack Kleinhenz, said Sunday that he believes that prediction “holds up pretty well” right now, even as some have asked whether the surprising election results might have altered consumers’ mind-set.
Experts say that in a presidential campaign year, we typically see that the election serves as a temporary distraction, with shoppers getting their gift-buying started a little later than they might otherwise. NRF’s survey perhaps reflects that dynamic: About 23 percent of respondents said they hadn’t started their holiday shopping yet, compared with 22 percent last year. And slightly smaller shares of people have finished their holiday shopping. This year, just 9 percent of shoppers have done so, compared with 10 percent last year.
Correction: Due to errors in a press release, an earlier version of this story included two incorrect figures. It included an incorrect number for the share of shoppers that had finished their holiday shopping by this point in 2015, as well as an incorrect number for the share of shoppers that had not started their holiday shopping at this time last year.
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