Well it's too early to tell, even though Black Friday is almost half over, but stores seem to be doing better then expected. Many Best Buys reported larger crowds then last year, with one manager reporting that people "A year ago, they were focused on what they needed." However, considering that unemployment is at 10.2%, the good news is that the retail industry is heading into the Christmas selling period with more practical goods on their shelves that reflect shoppers' new psyche. However, many analysts expect that total holiday sales will be at best about even from a year ago.
Several large retailers, including Walmart and many Old Navy locations, opened on Thanksgiving, hoping to make the most of the extra hours. Especially after the death of a Wal-Mart employee last year, they also did this to prevent the mad 5 am morning rush.
Black Friday gets its name because it traditionally was the day when huge crowds would push stores into "the black," or profitability. But the weekend doesn't necessarily predict spending for the rest of the season, which accounts for as much as 40 percent of annual sales and profits for many stores. Still, retailers closely study buying patterns to get into shoppers' mindset such as what kinds of items they're buying and what deals are luring them.
Friday, November 27, 2009
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10 comments:
Omg my friends and i went to Best Buy at like twelveish just to wait in line. Urgh we waited for like 5 hours total! We kind of regret it though since people that went later in line didn't have to wait that long because the line went by extremely fast! There were TONS of good deals though!
I have made it a habit to go shopping every Black Friday. I always find clothing at ridiculously low prices. I remember last year, I got a pair of shoes for 19 dollars. While Black Friday is beneficial for the consumer, the ridiculously low prices really show how little money corporations spend on manufacturing the product and how much profit they actually make. It makes me wonder exactly how many companies around the world are going to foreign countries using children for cheap labor.
I think that this will totally help the economy. I went to best buy and got myself a new lap top after the first 3 that i asked for were sold out i went with a more expensive gateway modle thats better then what i expected and so worthe the money. After shoping i went into old navy with a friend and the line whent from the front of the store allll the way to the back!!!! after that i decided to quit while i was ahead :)
Black Friday never fails to be an eventful day, and considering the situation the economy is in, I was surprised to see so many people out shopping! Hopefully this means good things for our economy's future. I also agree with Michael in the sense that it is sad to realize how cheap our clothing is made for and how much we actually end up spending on it.
Black Friday is definitely a plus to consumers because of the discounted items. But I am a little frustrated with Apple, who is so stubborn to only allow a 10%discounted price on its products.
I'd also like to say that mcchan92 made a really interesting point. I love to go bargain shopping, and I find tons of things being sold for 75% less, and sometimes even cheaper, meaning that those companies usually take in 75% of ticketed price. It's sad to hear that so many companies support cheap labor, but there are companies, like American Apparel, that only uses American labor. Of course, it's not very cheap, but it supports a good cause.
It's very interesting to see where the origin of "Black Friday" came from. I agree with Michael and Ariana. The low prices of black friday only go to show how little money is spent actually making the products that many of us pay full price for. The money in between the manufacturing price and the retail price are how the companies stay alive. Of course, there are also stores like Costco that benefit from selling a huge quantity of products at lower prices, but the actual manufacturing price is still very low. As for the cheap overseas labor, wouldn't you rather give them pennies than boycotting them and giving them nothing at all? It is indeed tragic that these children get pennies on the hour, but I have to say that it is better than nothing.
"I went to best buy and got myself a new lap top after the first 3 that i asked for were sold out i went with a more expensive gateway modle
That's partly how retailers make money on these sales. They get you in the door with promises of great deals and huge discounts. Once you're in the store, you find out that the sale item is out of stock and they get you to buy something else at normal retail markup.
I agree with most people here. Even though I am not as crazy as many people out there who camp outside of Best Buy, I still manage a habit where I go shopping anyways on Black Friday. Even though there's not much I need to buy. But this will really benefit the economy. Consumers will get more for a lesser amount they have to pay, and they're actually willing to pay for products at such a low price. It is so depressing hearing about the actual amount that children get for this type of labor.
I love Black Friday, probably as much as the next person. It's a great day to find amazing deals on things you never would have imagined to go on sale. It's great that sales went up from last year because it's a good sign for the economy. The economy goes up and so does everyone's mood. What's nice is that even online sales increased as well.
I remember driving around on Thanksgiving with my sister and seeing all of these stores that were closed last year on Thanksgiving that were open this year. I figure they all were trying to make the most of extra hours to get more money in the economy we have today. >.<
-Annie Yang
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