Friday, November 23, 2007

Black Friday Arrives

And what does it all mean...

http://www.nytimes.com/2007/11/23/business/shopWEB.html?_r=1&hp&oref=slogin

Happy day after Turkey Day...so far I have yet to see a whale...huge windstorm here and I may never see the whales :(

11 comments:

Jamie Ng said...

So Americans are spending more on Black Friday this year compared to last year. However, it isn't exactly a good thing because it is predicted that the number of sales after that would fall. Consumers have been wating for this day to buy things to save money and this reflects on the economy very well. People tend to be spend thrift now. Well, based on all the interviews, the economy is going down.

Tyler said...

I think Black Friday is American consumerism at its worst. Disgusting! But in terms of the economy, the article did say that Americans are holding back more this year. They're going to less expensive stores (i.e. Target instead of Macys...Toys R Us instead of FAO Schwartz) and looking for better deals. But they're still spending, and some stores are selling more than last year. However, they're using incentives to attract consumers, i.e. having a 48-hour sale instead of 24 hour, or giving away $10 coupons, or even opening at 4am!

The xmas season will still be a huge moneymaker for retailers, but the trends may shift from Nordstrom to JC Penney. If that shift will make the economy dip, its still too early to tell.

Luisa said...

wow..the only time I've seen a person literally throw themselves on merchandise in a store was on tv shows, I didn't that actually happened. It's crazy that the stores open at 4 am to get more customers, it seems like they're incredibly desperate to match the sales they did last year, and its obvious by the way retail stores are trying to attract customers with coupons and cheap deals..the only problem is that its creating a shopping frenzy with massive shortages. Its clear that higher prices are affecting consumer behavior, since they're choosing cheaper stores this year and are more likely to go for better prices than whats fashionable. Based on the shopping habits of the majority of the population and the possible behavior of consuemrs at christmas, this may indicate a fall in the economy.

Ezequiel said...

This article is excellent I love how that Ms.Johnson says she doesn't want to be seen in that discount store.
The citizens of the United States are not spending as much money due to their worries concerning the economy. It makes sense because there are signs of a recession to come... we all have to go through them!

Michael said...

That article scared me... maybe its just the low grade zombie movie i just watched, but that made it seem like our economie is going to crash, more of a black thursday than black friday if you know what i mean. Overall though i just hope the economy bounces back... an unstable and deteriorating economy is not one i want when we are all so close to being in the job market.

I just hope the war is playing a part in the economy such that it will strenghten when the war ends. If its not then i think what were seeing is the loss of the dollar as the global currency and the rise of the Euro. I hope not... no offence europeons... but a switch like that spells economic depression for all.

Michael said...

That article scared me... maybe its just the low grade zombie movie i just watched, but that made it seem like our economie is going to crash, more of a black thursday than black friday if you know what i mean. Overall though i just hope the economy bounces back... an unstable and deteriorating economy is not one i want when we are all so close to being in the job market.

I just hope the war is playing a part in the economy such that it will strenghten when the war ends. If its not then i think what were seeing is the loss of the dollar as the global currency and the rise of the Euro. I hope not... no offence europeons... but a switch like that spells economic depression for all.

Debora said...

woah i agree with michael, that article IS scary!
it really highlights how economics can determine people's behavior so drastically!
It is clear from this article that Americans are holding back..making lists and actaully stickin gto them! and as zeke mentioned that Mrs Johnson in teh Big Lots discount chain actually saying she doesnt want to be there but she has to. I had no idea that Black Friday represented 5 percent of holidays spendings and more than 19 billion dollars in sales! that is INSANE! its clear that Americans usually spend tooooons of money in this occasion and the fact that they are taking measures to cut back..i really think its an indication of a recession. :S

oo and by the way Ms Stephens were u lucky with the whales?
Lucas Rael went to see whales too and apparnetly he saw some!

emilie said...

First of all, I'm disgusted. I've never been in the states for Black Friday, but the consumerism is too much! Even though Americans are spending more on Black Friday this year than last, I don't think it's a good sign. I think Americans are spending more because of the deals, and like the article said, they will spend less the rest of the season. Americans are becoming more and more bargain shoppers. A few years ago, name brand everything became VERY popular (i.e. Coach, Louis Vitton, Abercrombie, J.Crew ...etc.)I'm actually very happy that the Abercrombie rep said it was "scary" how few shoppers were in their store. Abercrombie is way over priced, so maybe it's good for a company like that to see they must have more sales (like Old Navy - popular, decent priced clothing for middle income but great deals!) As I said before, Americans are bargain shoppers. The fact that spending went up this year shows how scared consumers are. They shopped for the cheap prices probably because they're worried they can't afford the goods normal priced. Many of the people interviewed also showed their fear (i.e. the lady who now has to shop at Big Lots).

I think it is good in a way that Americans are holding back from spending at the high end stores. I think it may send a message out to those more expensive companies that consumers can't afford. The interesting thing will be to see if the tables turn and lower end stores will become more popular, not out of choice but out of desperation!

matt--- said...

This article makes it seem like the economy is going to crash for sure...like michael said..i hope not since in a few years we will be having to get jobs and want a strong economy...and as far as black friday goes...people splurge money to get good deals...

Nicolas said...

I must agree with Tyler, while i was in the States i saw the most riduculous things. I mean it was wednesday and people were already camping right next to a Best Buy, i mean yes the sales may be impresive but is it really necesary... Like Matt said this scares me since i will probably be studying there next year, well most of us will . Anyways this makes me think of what the future job s will pay or even how many will be available. I hope maybe if recession does happen it will take a few more years and give us time to settle ourselves first.

carl said...

Black Friday is the perfect example of how western society has become so focused on consumerism. While thanksgiving is supposed to be a time to spend peacefully with one's family or friends, Black Friday is the complete opposite, it is all about making money. The most surprising thing about the article was the fact that while high prices had discouraged people from shopping at some places, they were simply turning to cheaper, alternate places, where they will probably spend a similar amount of money. This is because the sales and stuff are simply to get people in the door. Once you have a person in your store, it is much much easier for you to sell things to them. So, while there might be a shift in where the money is going, i doubt if it will lead to a significant drop overall.

One of my favorite stories revolving around Black Friday is the increasing popularity of "Buy Nothing Day" I know this year in the US, they organized such things as zombie walks, and sit downs.