US consumers ratchet up post-Thanksgiving spending


That’s a wrap.

The numbers are in and U.S. retailers posted a total of $52.4 billon in sales over Thanksgiving weekend; a 16.4% increase from 2010, according to the National Retail Federation. More than 226 million shoppers hit stores or online shopping sites from Thursday to Sunday, up from 212 million a year earlier.

Best Buy (BBY) appears to have come out as the big winner, reversing its 2010 blunder of focusing on 3D televisions, drawing customers in with a $199 42” television and other door crashers beginning at midnight on Thanksgiving. Analysts also pointed to Macy’s (M) and Wal-Mart (WMT) as strong performers over the weekend.

As many as 50 million shoppers visited online stores on Black Friday, a 35% increase from 2010, with Amazon (AMZN) leading the way seeing a 50% increase in customer traffic. It sold four times more Kindle tablets than it did last year, with the Kindle Fire being the top selling tablet on the website and at Target (TGT) stores. "We're seeing a lot of customers buying multiple Kindles — one for themselves and others as gifts — we expect this trend to continue on Cyber Monday and through the holiday shopping season," said Dave Limp, VP Amazon Kindle.

The five busiest retail sites in the U.S. — Amazon, Wal-Mart, Best Buy, Target and Apple — all saw their sales increase by double digits according to comScore.

SPDR Retail ETF (XRT : NYSE : US$50.17), Net Change: 1.67, % Change: 3.44%, Volume: 9,152,762

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

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