. . . even after factoring in an increase in online sales.
“Black Friday” got its name because traditionally, that day is the busiest shopping day of the year, enabling U.S. businesses that have been in the red until then to finally begin making a profit. The shopping season spanning November and December can account for anywhere from 20 to 40% of annual sales.
I remember that, on the morning of Black Friday, the day after Thanksgiving, the local television news anchor said that the National Retail Federation expects this year’s Black Friday sales to be more than last year’s by 3+%.
I was dubious, because the U.S. economy has not improved from last year, so why would Americans suddenly have more money to spend?
Now we have the data to show that National Retail Federation’s expectation was wishful thinking.
From the AP (via The Guardian), November 28, 2015:
Total sales in the US on Black Friday fell 10% to $10.4bn this year, down from $11.6bn in 2014, according to research firm ShopperTrak.
All this is despite the fact that online sales on Black Friday this year increased 14.3% from last year, according to Adobe. That should give you an idea of how much sales by brick-and-mortal stores have plummeted.
Source: ZeroHedge
Various excuses are given for the lackluster Black Friday sales, including that many shops were open the day before, on Thanksgiving. However, this year’s sales on Thanksgiving also dropped, and by the same percentage as Black Friday.
Thank you, Obama! /sarc
~Eowyn
