71.8% of US Consumers were out Shopping on “Black Friday”

US holiday sales kicked off on Friday as American consumers, 71.8 percent of them according to a NRF survey, crammed shopping centers and stores during the weekend.

“With the economy in better shape and a little more money in consumers’ pockets, we are hopeful the momentum continues throughout the holiday season,” says NRF CEO Tracy Mullin.

During “Black Friday” weekend, coined because traditionally the day after Thanksgiving was the day that retailers went from being in the red to being “in the black”, 40 percent of gifts purchased were books, CDs, DVDs, videos or video games.

But with all the good news and upbeat face that retailers are presenting, they are not faring as good as last year. According to the survey, the average consumer has completed 36.9 percent of their holiday shopping, while last year consumers had finished 38.7 percent of their shopping by December 1.

Consumers purchased their holiday gifts from a variety of retailers. While 43.3 percent visited discounters, 29.4 percent purchased from department stores and 24.0 percent shopped at specialty stores. Also, as expected, many consumers are choosing to shop online this year; 31.2 percent of shoppers purchased holiday merchandise online over the weekend.

NRF continues to project an increase of 5.7 percent in holiday sales this year over last year, bringing estimated revenues to $217.4 billion. The survey revealed that consumers plan to spend on average over $670 this year on holiday gifts, decorations, cards, candy, and food, up from $649 last holiday.