According to ShopperTrak, Americans spent a total of $10.66 billion the day after Thanksgiving and $7.9 billion on the day following Christmas, making them the No. 1 and No. 2 sales days respectively. Overall, ShopperTrak said holiday sales volumes were up 1.6 percent over last year.
So what does this really mean for struggling retailers, especially small businesses that can’t match the door-busting discounts offered by retail giants like Wal-Mart, Best Buy and Future Shop?
“The current frenzy of sales activity is just purely being born out of desperation on retailers’ parts,” said retail industry veteran Doug Stephens, who recently started his own consultancy firm – RetailProphet – after having formerly worked for big-chain retailers Wal-Mart, Home Depot and Lowe’s.
Stephens said huge one-off sales events, like Black Friday and Boxing Day, that have become more prevalent over the last decade, don’t make much business sense. Stephens likened these sales blowouts to an addiction on behalf of retailers, who are seemingly unable to stop themselves from buying into the hype.