Black Friday spending sees credit card decline
Americans continue to be weary of credit card debt in recent months and reports from Black Friday weekend show consumers carried this sentiment through the sales holiday.
Over the weekend, only 16.3 percent of shoppers used a credit card for purchases – down from 30.9 percent in 2009, The Indianapolis Star reports. Shoppers spent an average of $365 this year, up slightly from a $343 average last year.
“With cash, you’ve got a finite amount of money to spend, so you’ll avoid those impulse purchases more,” Mike Newbold, president of Huntington Bank, told the Star. “With a credit card, you make that purchase but then kind of defer the pain until later.”
In total, retailers netted an estimated $45 billion dollars over the weekend. The trends suggest the recent push by credit card providers to offer increased discounts to shoppers may not be working, but also may not hinder holiday spending.