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News : US Economy Last Updated: Jan 8, 2015 - 2:23 PM


US retail spending over Thanksgiving weekend fell 11%
By Michael Hennigan, Finfacts founder and editor
Dec 1, 2014 - 7:03 AM

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President Obama commented on "The Stranger," a critical book about Obama by Meet the Press presenter Chuck Todd, Saturday, Nov 29, 2014, at a Washington, D.C., bookstore. “He’s just sad,” the president said.

Today is Cyber Monday in the US when the retail focus will be online but the results of a national survey on Sunday showed that retail spending over the Thanksgiving weekend fell 11%.

The decline is partly attributed to discount deals having been available before Thanksgiving Day last Thursday.

According to the National Retail Federation's Thanksgiving Weekend Spending Survey conducted by Prosper Insights & Analytics, the average person who shopped spent $380.95, down 6.4% from $407.02 last year. Total spending is expected to reach $50.9bn, down 11% from last year’s estimated $57.4bn. Additionally, more than three-quarters (77.2%) of the 4,600 people surveyed, said  they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family, similar to last year’s 76.4%.

The NRF said the the number of people who went shopping over the four-day weekend fell 5.2% from last year to 134 million.

Other economic indicators such as jobs growth and a recovery in the housing market have been strong but we did report on Thursday that consumer spending was weak in October while business investment fell.

The Wall Street Journal commented: "Many retailers offered the same discounts on the web as they offered in stores. The Internet didn’t attract more shoppers or more spending than last year, according to NRF’s closely watched survey. Online shopping accounted for 42% of spending over the four-day period, down from 44% last year, the trade group said, with the average amount consumers spent online declining 10% from a year ago to $159.55."

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