Holiday Shopping Reportedly Breaking Records
The AP reports:
NEW YORK — It's Black Friday, The Sequel. Stores are rolling out deals and expect to be swimming in shoppers on Christmas Eve as stragglers take advantage of a day off work. For retailers, the last-minute rush caps the best year since 2007, and possibly ever.
With Christmas falling on a Saturday this year, Friday is a holiday for most U.S. workers. That lets shoppers hit the stores first thing in the morning.
"I'm calling it Fantastic Friday, because I really do think it's going to be one of the busiest days of the year," said Marshal Cohen, chief fashion industry analyst with researcher NPD Group.
A strong Christmas Eve would round out a surprisingly successful holiday season for retailers. The National Retail Federation predicts that holiday spending will reach $451.5 billion this year, up 3.3 percent over last year. That would be the biggest year-over-year increase since 2006, and the largest total since spending hit a record $452.8 billion in 2007. A strong finish could even give 2010 the crown.
While both are heavy shopping days, Christmas Eve draws a different breed of buyer than Black Friday, the day after Thanksgiving and the unofficial start to the holiday shopping season.
"Those who get up and brave the cold on Black Friday are usually looking for hot items, not only to buy gifts but to score something for themselves," said Kathy Grannis, a spokeswoman for the National Retail Federation. "They're planners, and they map out what they want to buy."
Shoppers who come out on Christmas Eve, on the other hand, were either waiting for the biggest discounts or they didn't have the money to spend earlier, she said. Or they just tend to dilly-dally.
