Daily News: December 2, 2013

Bloomberg: Black Friday Spending Drop First Since 2009

Bloomberg reported that the first spending decline on a Black Friday weekend since 2009 reinforced projections for a lackluster holiday, increasing chances retailers will extend the deep discounts already hurting their profit margins.

Bloomberg said, according to a survey commissioned by the National Retail Federation, purchases at stores and websites fell 2.9% to $57.4 billion during the four days beginning with the November 28 Thanksgiving holiday.

Bloomberg noted that while 141 million people shopped, about 2 million more than last year, the average consumer’s spending dropped 3.9% to $407.02, the survey showed.

To read the entire Bloomberg report, click here.