CHICAGO, Nov 26 (Reuters) – Bargain hunters ventured out in chilly weather to buy Christmas gifts on Black Friday only to discover that many U.S. retailers offered smaller price markdowns this year amid tight supplies.
COVID fears and fewer “doorbuster” sales thinned crowds the day after the U.S. Thanksgiving holiday, which kicks off the year-end holiday shopping season.
On the same day, the World Health Organization named the newly identified omicron variant of the coronavirus as a “variant of concern,” triggering worldwide alarm and a selloff in the U.S. stock market. read more
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Stores on Black Friday had the lowest level of clearance goods for sale in five years or more, Cowen analysts said in a note. Many shoppers chose to pick up merchandise curbside rather than venturing inside stores.
Black Friday retail sales are up 29.8% versus 2020 through 3 p.m. ET, according to Mastercard SpendingPulse.
Consumers spent $6.6 billion up until 9 p.m. ET on Friday, according to Adobe Digital Economy Index, which expected total spending of between $8.8 billion and $9.2 billion for the day.
Shoppers pack stores for the Black Friday sales at the King of Prussia shopping mall in King of Prussia, Pennsylvania, U.S. November 26, 2021. REUTERS/Rachel Wisniewski
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Walmart (WMT.N) and Target (TGT.N) stood to outperform other retailers in part because of their buy-online-pick-up-at-store services, Cowen said. Target added more…
