By Parija B. Kavilanz, CNNMoney.com senior writer
November 25 2007: 4:20 PM EST
November 25 2007: 4:20 PM EST
NEW YORK (CNNMoney.com ) -- Although deep discounts brought out much bigger crowds of holiday bargain hunters, a major retail trade group said Sunday that shoppers actually spent less money this year over the crucial Thanksgiving weekend. The National Retail Foundation's (NRF's) 2007 Black Friday Weekend Survey said more than 147 million shoppers hit the stores over the Black Friday weekend, up 4.8 percent from last year. However, the trade group said consumers, on average, spent an estimated $347.44 in total on Thursday, Friday, Saturday and Sunday, down 3.5 percent from the previous year.
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The NRF's projection put a damper on some earlier estimates, including one from MasterCard Advisors on Friday that estimated Black Friday purchases to hit $20 billion this year, up from $19.1 billion last year. Also, ShopperTrak RCT Corp., which tracks sales at more than 50,000 retail outlets, said Saturday that total sales rose 8.3 percent to about $10.3 billion on Black Friday, compared with $9.5 billion on the same day a year ago. "While last year showed a greater emphasis on high-definition televisions, this year consumers were focused on lower-priced doorbusters like digital photo frames, laptops and cashmere sweaters," NRF CEO Tracy Mullin said in a statement. Industry analysts said retailers this year are especially challenged to drive sales in the coming weeks as many Americans struggle to find spending money amid the ongoing housing downturn and other economic pressures. "Though Black Friday weekend was a complete success for many retailers, the results of the holiday season won't be determined until the last two weeks of December," Mullin said. While many malls opened their doors to throngs of discount shoppers at midnight, several retailers, including J.C. Penney (Charts, Fortune 500) and Kohl's (Charts, Fortune 500), kicked off Black Friday as early as 4 a.m. this year.
The NRF's projection put a damper on some earlier estimates, including one from MasterCard Advisors on Friday that estimated Black Friday purchases to hit $20 billion this year, up from $19.1 billion last year. Also, ShopperTrak RCT Corp., which tracks sales at more than 50,000 retail outlets, said Saturday that total sales rose 8.3 percent to about $10.3 billion on Black Friday, compared with $9.5 billion on the same day a year ago. "While last year showed a greater emphasis on high-definition televisions, this year consumers were focused on lower-priced doorbusters like digital photo frames, laptops and cashmere sweaters," NRF CEO Tracy Mullin said in a statement. Industry analysts said retailers this year are especially challenged to drive sales in the coming weeks as many Americans struggle to find spending money amid the ongoing housing downturn and other economic pressures. "Though Black Friday weekend was a complete success for many retailers, the results of the holiday season won't be determined until the last two weeks of December," Mullin said. While many malls opened their doors to throngs of discount shoppers at midnight, several retailers, including J.C. Penney (Charts, Fortune 500) and Kohl's (Charts, Fortune 500), kicked off Black Friday as early as 4 a.m. this year.
