US Consumers Back in Black Friday Shopping Spree
US consumers are back in to their regular spending habit, buying more items at higher price offers, analysts said.
Also, US-based retailers are eyeing stronger sales a month before Christmas.
US-based retailers are eyeing stronger sales this holiday shopping season as consumers go back to their regular spending habit – buying anything from laptops to other luxury goods.
According to retailers, consumers are now spending more for their personal “wants” and less on their “needs,” even if the items were not on discounted offers.
Analysts said that stronger consumer spending – which accounts to 70 percent of the total US economy – a month before Christmas Season is a good sign for the country’s recovery process.
“The surge in Black Friday shopping is shaping up to become one of the biggest in history,” said David Bassuk, managing director AlixPartners consulting firm.
Analysts, citing lackluster holiday shopping season in the last two years, said that US retailers are now feeling the interventions by the Obama government to the jobs and housing market, which translates to stronger consumer confidence.
Despite less generous promotion and advertising campaigns, retailers are now eyeing the best holiday season in over three years, the analysts said. Based on reports, discount offers this year were in the range of 25 to 40 percent, compared to the previous 35 to 55 percent offers.
Also, teenagers added further support to the market, spending more and paying higher prices.
“No matter what items, what price it is, Americans are now more confident to spend this holiday season as the job market becomes more secure and the housing sector holds to a stronger foundation,” an analyst said.
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