| November 29, 2010

Black Friday boasts big gain for retailers

Retailers have been seeing increased spending in recent months as the economy stabilizes and consumers continue to avoid credit card debt.

Experts say this sentiment lead to an increase in November sales spurred on by big spending during the Thanksgiving holiday weekend.

In total, more than 200 million consumers took to the stores during this time, a near 9 percent increase compared to last year’s numbers, Reuters reports. Per person spending also rose, with the average shopper paying $365.

“The consumer continued to show resilience as November started strong and Black Friday did not disappoint,” JP Morgan analyst Charles Grom told Reuters. “[Shoppers] were treating themselves to a bit more than in the past.”

Overall, shoppers spent 6.4 percent more this Black Friday weekend, with department stores and clothing outlets likely to post the biggest gains, the news source says. Colder November weather may have played a large factor in the sales uptick as consumers began purchasing winter items.

More details on consumer spending are likely to come later in the week, when 28 leading retailers are set to report their November sales.

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