HOW ABOUT A LITTLE MORE DEPRESSION?
Posted by Andrew Roman on November 30, 2008
Maybe being on the brink of complete economic collapse (as we’ve been told) is a good thing. Perhaps watching the American economy on the verge of descending into the second coming of the Great Depression is just what the doctor ordered.
After all, the 2008 edition of Black Friday saw a 3% increase from last year’s.
That’s right … an increase.
According to Bloomberg:
U.S. holiday retail sales increased 3 percent yesterday from a year earlier, the smallest gain for a “Black Friday” in three years, research firm ShopperTrak RCT Corp. said.
Sales rose to $10.6 billion, the Chicago-based company said in a statement. The increase was the smallest since a decline of 0.9 percent in 2005 and compares with a jump of 8.3 percent last year.
Note that the gain itself, with America supposedly slipping into economic ruin, isn’t particularly relevant. The size of the increase is what makes the first two paragraphs. The increase is the smallest in three whole years.
“So far, so good,” said Craig Johnson, president of Customer Growth Partners LLC, a retail consulting firm based in New Canaan, Connecticut. “But a decent Black Friday figure doesn’t predict the whole season. The question is, how much momentum we can keep” in this “challenging” economic environment, Johnson said.
Always a “but” …
“A decent Black Friday figure doesn’t predict the whole season..”
Thanks Gloomy Gus.
“I enjoy going out to eat, but there’s always a chance I could be killed by an oncoming tractor trailer on the way.”
“I like water, but someone slipping some arsenic in my glass is something I cannot ignore.”
Update – 2:04AM – December 1, 2008
Anecdotally speaking, the stores I have been to since Black Friday – granted, only two days, but still worthy of mentioning - have been throbbing with shoppers. The lines at Best Buy in Brooklyn, for example, have been painfully long.
Obviously, anecdotal evidence varies from place to place.