The recent Black Friday weekend saw the first drop in spending since the recession in 2009, signaling deeper discounts later in the season, said Bloomberg.
Sales at both stores and web sites fell 2.9 percent to about $57 billion from Thanksgiving through Sunday compared to last year, said the National Retail Federation. However more people shopped than last year—about 141 million compared to about 139 million.
Spending by the average individual consumer totaled about $407, a 4 percent drop from 2012.
There are fewer hot products that will send consumers rushing to the stores on Black Friday, said analyst Poonam Goyal of Bloomberg. As a result of the sluggish sales, retailers may need to hold “panic sales,” he said.
Photo by CEoutlook: Crowds at Target on Thanksgiving night