Black Friday 2010 Overall Predictions: The 2010 Black Friday climate is not the greatest. While in 2009 during this time the economy grew at 5.6%, the economy is now projected to slow to an anemic 1.4%. This, combined with a massive unemployment rate at 9.6%, foreclosure problems, a lack of credit, and an overall unease about the economic conditions have brought a lot of concern and frugality into the US household. US household average savings is now 7%, the highest in a very long time. These factors do not set up the greatest Black Friday for retailers. Specifically...
Spending on average will again decrease from $343.31 to $330 as people continue to cut back.
The Amount of Black Friday shoppers will increase from 195 million last year to 200 million this year. More people will be looking to save on Christmas gifts during this tough time.
With a greater amount of shoppers the total amount of Black Friday spending will increase, yet only very slightly, from $41.2 billion to $42 billion.
The amount of Black Friday online shopping will jump from $595 million to $1 billion as people try to avoid stores, and online shopping because more popular.
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