It's been seven decades since FDR moved Thanksgiving up a week to benefit retailers, and thus set the stage for what has evolved into Black Friday. While the frenzy of deals and steals became a holiday tradition for many, the last few years have turned out disappointing numbers for the once-robust shopping day.
While in the past, a decline in Thanksgiving weekend spending has signaled a cautious consumer, that's not the case these days. “They’re online,” John J. Canally, chief economic strategist at LPL Research, told the New York Times. “And they’re spending more on experiences. A day at the spa, a baseball game, the ballet — rather than a sweater or a pair of socks that no one wants.”
And really, who wants to deal with crowds when you can shop online? “Waiting in lines forever and other crazy things just makes you think: Is it worth it?” said Paul Arnhold, from Lenexa, Kansas. “The last place I want to be this weekend is in a store.”
Read the whole article:
- Black Friday Falters as Consumer Behaviors Change | New York Times
Are you shopping Black Friday this year?