After months of talk about how bad this holiday season was going to be, analysts were pleasantly surprised as early surveys of retailers indicated that shoppers were out in force last weekend, and spending more than many had predicted.
The National Retail Federation's 2008 Black Friday Weekend survey--which measured Friday and Saturday, and used estimates for Sunday--indicated that some 172 million Americans shopped in stores and Web sites over Thanksgiving weekend, an increase from last year's 147 million. NRF estimated they spent an average of $372.57--a 7.2% jump from the $347.55 spent last year, with total spending projected at $41 billion.
Analysts were quick to caution that a strong first weekend doesn't always translate into strong sales though the holiday season. There are just too many unkowns this year. There are five fewer shopping days between Thanksgiving and Christmas this year than there were last year. How will that affect sales? Now that the Black Friday Weekend with its deep discount specials has come and gone, will shoppers wait to finish their shopping in the hopes that prices will drop the closer we get to Christmas? Will Americans be spending less, buying fewer or cheaper presents this year? Will low gas prices help consumers feel optimistic enough to open their wallets a little wider?
What do you think? What are you hearing? Is this going to end up being an OK 4th quarter for housewares or is it going to end up being the worst 4th quarter in years?
