Record Consumer Spending Suggests Strong Holiday Season, Retailers Say
Fourth quarter payment card interchange may come in significantly stronger for the end of 2011 than it did for the end of 2010 if consumers maintain the pace of holiday spending that inaugurated this past weekend.
According to a survey conducted on behalf of the National Retail Federation, 226 million consumer visited stores or websites on the weekend after Thanksgiving, an increase of more than 14 million shoppers over last year, the retail group reported.
The trade association reported that in addition to more people shopping, the 2011 shoppers spent more money over the weekend than did shoppers last year.
“[T]he average holiday shopper spent $398.62 this weekend, up from $365.34 last year,” the association reported. “Total spending reached an estimated $52.4 billion.” Additionally, shoppers also checked out retailers’ deals online, spending an average of $150.53 on the Web – 37.8% of their total weekend spending.
“Stuffed to the brim from their holiday meals and eager to shop, more consumers than ever turned out for retailers’ Black Friday promotions, a promising sign for the economic recovery,” said NRF CEO Matthew Shay. “After an historic holiday weekend, retailers know the holiday season is far from over and will continue to look for ways to excite holiday shoppers and build on the momentum we’ve seen thus far.”
The survey found 28.7 million people shopped online and at stores on Thanksgiving Day – up from 22.2 million last year. More people than ever before also shopped online and in stores on Black Friday, as 86.3 million shoppers braved the crowds that day alone.