Nielsen: Black Friday looks promising

HTT Staff -- Home Textiles Today, 11/23/2010 2:51:28 PM

New York - A new survey by The Neilsen Company found consumers are raring to go for Black Friday - so long as merchandise meets a standard for value.
"Consumers are ready to spend, but in a mindful manner," said James Russo, vice president, Global Consumer Insights, The Nielsen Company. "Consumers are increasingly savvy and know that retailers will continue to offer aggressive promotions as we work our way through this critical retail season."
The survey found nearly one in five Americans will shop the Friday after Thanksgiving and more than half (61% ) plan to spend $100 - $500. Eleven percent plan to spend more than $500 while 25% plan to spend less than $100.
"Consumers are ready to spend, but in a mindful manner," said James Russo, vice president, Global Consumer Insights, The Nielsen Company. "Consumers continue to closely plan their spending in this persistently difficult economic climate and for Black Friday that means shopping lists. Consumers are increasingly savvy and know that retailers will continue to offer aggressive promotions as we work our way through this critical retail season."
Nielsen is projecting overall spending for the 2010 holiday season to remain flat. It also expects online retailers to capture a greater share of spend this season compared to 2009. Tech projects and gift cards should be best-sellers, according to the firm.
"This holiday season isn't all about the basics," said Russo. "It's about retailers understanding consumers' new definition of value -‘I want what I want but at the best price' - as they go after share of wallet."
November 26 should be a good day for department stores, as 76% of those surveyed told Nielsen they will shop in that channel. Other Black Friday destinations include supercenters/mass merchants (55%), electronics stores (52%), toy stores (35%), online (23%) and dollar stores (22%).