Dec. 02--After growing for several years, the all-important Black Friday shopping weekend took a double-digit tumble, recent figures from the National Retail Federation show.
With retailers offering steep discounts early and often, shoppers have lost the sense of urgency to gorge on sales during Black Friday weekend, helping drive spending down the during weekend by an estimated 11 percent, the trade group said.
But that doesn't mean this year's holiday season, which typically accounts for one-fifth of the industry's annual revenues, is doomed.
"I think the consumer is getting smarter and they realize that retailers are likely to continue a promotional cadence from now until past Christmas," said Scott Tuhy, a vice president at Moody's Investors Service. The season is long and doesn't end until well in January, he noted, when people cash in on gift cards.
"It's still early enough that I don't think retailers need to panic just yet," Tuhy said. "The next few weeks will be important."
aelejalderuiz@tribpub.com
