Retailers, consumers and prices
Teens, men, self-love boost Black Friday
After going AWOL for a couple of years, it sounds like men and teens are flexing their spending muscles this year and are helping retailers out this Black Friday.
“There seems to be a lot more men and a lot more younger consumers between the ages of 15 and 25,” said Macy’s CEO Terry Lundgren in an interview. And it wasn’t just at Macy’s.
The Newport Centre mall in Jersey City, N.J., felt like a high school at 5 a.m. , teeming with teenagers. Half the shoppers seemed to be toting Aeropostale shopping bags and the other half bags from American Eagle Outfitters.
At the Westchester mall in White Plains, N.Y. a dozen or so teenagers sat outside an Abercrombie & Fitch-owned Hollister store at 6:40 a.m., waiting for it to open at 7:00.
And they weren’t just pillaging the discount bins as they had the last two years, after their jobs and family allowances dried up. They were spending more.
At Roosevelt Field Mall in Long Island, teens were shopping at mid- and high-end teen stores, Jharonne Martis-Olivo, Thomson Reuters director of consumer research told us. Teen spending is a good proxy of discretionary spending, she said, because that shows that consumers are more willing to spend their discretionary income, as opposed to saving it, or paying off credit cards as they did in 2009.
But best news of all: Lundgren said more Black Friday revelers were shopping for themselves again. So go ahead, go splurge on yourself again- everyone else is doing it.
”There’s a lot of self-purchasing going on beyond the gift giving spending that you would expect,” Lundgren said.