Retailers saw an uptick in sales this holiday weekend as consumers rushed to cash in on Black Friday and Cyber Monday deals.
However, while consumer spending increased, credit card use declined as more Americans are reporting a desire to cut borrowing and debt.
Overall, 40 percent of “Main Street” merchants reported increases in sales for this period when compared to last year’s sales. By contrast, only 24 percent of survey respondents reported declining revenues over this period, according to a study by Capital Access Network.
In CAN’s study of credit card use, retailers reported a 1 percent drop in year-over-year same card sales from 2009, the report said. However, some reported credit increases, including the restaurant industry, which saw a 1 percent lift these purchases.
However, stores defined as merchandise retailers, which include jewelers, boutiques, electronic stores and toy retailers, saw a 2 percent drop in credit card sales.
Despite the sagging sales in some sectors, the weekend was good for the retail industry as it saw gains in some year-over-year spending categories. Many businesses hope this sales trend will continue through the holiday season.