Black Friday spending down, but online spending continues to increase:
The National Retail Federation (NRF) said Sunday that shoppers spent $289.19 over the four-day Black Friday weekend through Sunday, down 3.5% from last year. Survey found that 154M made purchases, up from 151M a year ago. In addition, while there was a 4.2% increase in consumers who shopped online, there was a 3.7% decline in shoppers who purchased in a store. The NRF said the decline in spending was a function of earlier promotions and discounts that are increasingly available through the holiday season. It maintained its forecast for holiday spending (ie retail sales in November and December excluding autos, gasoline and restaurants) to increase 3.6% to $655.8B. Separately, Adobe Digital Insights reported that Thanksgiving and Black Friday online sales were $5.27B, up 18% y/y and better than its initial estimate. In addition, RetailNext said sales at brick-and-mortar stores fell 5% over Thursday and Friday, while the number of transactions declined 7.9%.