Americans shopped on "Black Friday" like there's no tomorrow

Shop till you drop!


MSM organs such as CNBC exult that this Black Friday, the day after Thanksgiving, Americans went on a shopping binge, pushing retail sales to a record $11.4 billion, an increase of a whopping 6.6% from last year!
Over the Thanksgiving holiday weekend, 226 million Americans — half of the U.S. population! — went shopping, racking up a record $52.4 billion in sales!
Alas, neither the average income nor savings rate of Americans commensurately increased by the same 6.6% rate. On the contrary, Americans’ personal savings rate recently dropped to pre-Great Recession level, from a 2011 high of 5.3% in June to 3.6% in September. At the same time, the average U.S. income was just barely above unchanged at 0.1%, the lowest number since the Great Recession began back in December 2007.
All of which means that as far as the economy is concerned, the consumer is just getting worse and worse off. To make matters worse, our assets are greatly reduced because our homes are getting cheaper by the day.
Here are some other facts and figures about Black Friday which  are sobering:

  • There’s more self-gifting than last year: Mike Thielmann, group executive vice president at J.C. Penney, noticed that while “Americans are still worried about jobs, still worried about the economy,” shoppers were buying gifts and for themselves.
  • There was more purchasing in discretionary categories: 51.4% of spending went to clothing and accessories. Thielmann said that jewelry “was selling well.”
  • Men outshopped and outspent women.

In other words, the portrait of Black Friday 2011 is that of a people who are self-indulgent and in deep denial about their finances.
The average American hasn’t made more money this year, is saving less, but spending more. Although a new poll by CBS News shows 50% of Americans are concerned they can’t afford Christmas presents this year, Americans still managed to buy gifts for themselves (“self-gifting”) and buying items that are non-essential.
Tyler Durden of ZeroHedge says that what really caught his attention was that this year’s black Friday weekend’s sales broke records, with the Black Friday weekend in 2008 being “second best.” But Thanksgiving 2008 happened just after a nearly 400 point plunge in the S&P in two months, which leads him to wonder if this Black Friday’s record buying will prove to be the harbinger of a second Great Recession.
~Eowyn

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8 responses to “Americans shopped on "Black Friday" like there's no tomorrow

  1. When you think about it. There is no tomorrow.
    The collapse is coming and people know it.

     
    • And the thing to do is to go out and buy “discretionary” (non-essential) stuff for oneself like clothes, accessories, and jewelry, instead of survival food for the coming collapse? Sure makes sense. Not.

       
  2. If I read that right, then a whole bunch of us went still deeper into debt on Black Friday.
    That is not a good thing.
    No wonder this country is over $132 Trillion in overall debt, as many of the voters seem to have no problem with the idea of spending beyond one’s means.
    -Dave

     
  3. well it seems to me a lot of this frenzy shopping is due to a great job of marketing and at the same time a poor job done by our education system.
    education has been dumbed down so far and is run by a group of dummies.
    and the brainwashed masses react like a bunch of hypnotized zombies reacting to an implanted suggestion. the attack of the zombie shoppers on amc tonight….

     
  4. Why would anyone go Christmas shopping on Black Friday? The sales are actually much better at other times. Not much shopping in this household. Our family draws names, and we try to give a thoughtful gift to the person we draw. As for me and hubby, we are blessed beyond words, and we actually want for nothing but a peaceful and happy Christmas.

     
  5. I’ve never gone shopping on Black Friday…can’t stand the crowds. Besides, normally I would have had my Christmas shopping done by now as I spread out my purchases so I can afford it.
    Alas, with this hopeandchange, can’t afford so much this year. My fam & friends, we’ve decided not to exchange gifts this year – only gifts for the kids. Everyone of us is feeling the pinch.

     
  6. Having worked in large department stores during the Christmas season, I avoid shopping over the Thanksgiving weekend like the plague. I decided years ago that no sale is so enticing I’m willing to stand in line. That decision has saved me a fortune in impulse purchases and aggravation over the years.

     

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