US
retailers reported sluggish Black Friday spending, with sales falling 11% from
the same period last year, according to the National Retail Federation (NRF).
US
consumers spent on average $380.95 per person, down 6.4% from a year ago.
Overall,
total holiday weekend sales were estimated to be $50.9bn.
The
NRF attributed the decline to shifting consumer habits, such as earlier
promotions and the growth of online shopping.
"A
strengthening economy that changes consumers' reliance on deep discounts, a
highly competitive environment, early promotions and the ability to shop 24/7
online all contributed to the shift witnessed this weekend," said
NRF
president and chief executive Matthew Shay in a statement.
Once
more, retailers chose to open earlier on Thanksgiving Thursday in the hope of
luring in more shoppers, with Wal-Mart, Target, Macy's and others offering
special promotions for those first through the door.
However,
those deals and earlier hours appear not to have convinced shoppers to spend,
perhaps because they expect further deals as the holiday shopping period
progresses.
The
decline in sales surprised many, who had seen increasingly positive US economic
data as well as lower gas prices as signs that the US holiday shopping season
would be better than it has been in the past.
Last
week, the US Bureau of Economic Analysis revised its initial estimate of
third-quarter US economic growth upwards.
The
figures showed the US economy expanded at an annualised rate of 3.9% between
July and September, up from the 3.5% first estimated.
BBC
Business
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