Black Friday sales beat last year by 22%
New York (NY) - HDTVs, computers, and MP3 players helped make this year's Black Friday one of the most successful to date.
Black Friday, the colloquial name given to the day after Thanksgiving, is often considered the biggest shopping day of the year. For last weekend, that was truer than the same time in 2006.
According to ShopperTrak, which monitors sales within mall-based stores, mall shopping increased 6% over last year to $8.96 billion. Online sales grew even more, jumping 22% year-to-year.
Bank of America Securities said the growth was due in large part to consumer electronics. Company spokesperson David Strasser called it a "home run" for TVs, MP3 players, and specifically, GPS. "GPS sold out almost everywhere at all price points from what we observed and heard," he wrote in an official note.
Strasser also noted that HDTVs were not as high of a priority and that lowering prices caused stores to steer away from focusing on high-end sets. Instead, there was more attention to bundling TVs with higher margin components, such as Best Buy's Geek Squad installation or DVD players.