Retail spending over the Thanksgiving weekend fell 11%, its second straight annual decline, according to the main industry trade group, a sign that flashy discounts during the four-day shopping bonanza weren’t enough to prompt increased sales.
Total spending from Thursday through Sunday sank 11% from a year earlier to $ 50.9 billion, according to the National Retail Federation. Shoppers spent an average $ 380.95, down 6.4% from $ 407.02 a year earlier.
NRF CEO Matt Shay attributed the drop to a combination of factors, including the fact that retailers moved promotions earlier this year in attempt to get people out sooner and avoid what happened last year when people didn’t finish their shopping because of bad weather.
He also attributed the declines to better online offerings and an improving economy where “people don’t feel the same psychological need to rush out and get the great deal that weekend, particularly if they expected to be more deals.”