2008 Holiday Shopping Season Gets Off To Respectable Start In Face Of Economic Adversity

ALBANY, NY (12/03/2008)(readMedia)-- After depriving themselves of "retail therapy" for months, consumers crowded stores throughout New York state to take advantage of exceptional Black Friday discounts that are now as traditional as Thanksgiving turkey. More than half of merchants surveyed by the Retail Council of New York State early this week said they were pleased or satisfied with the sales activity in their stores over Black Friday weekend.

Fifty percent of surveyed merchants also said their sales for the weekend were the same as or better than their sales over the same period of time in 2007.

"Even in the face of recession with concerns about job security, decreasing home values and shrinking 401k balances, New York state's consumers proved how resilient they are this Black Friday weekend," said Retail Council President and Chief Executive Officer James R. Sherin. "The encouraging statewide results demonstrate how difficult it is to truly predict what consumers will do when they hit the stores for the holidays."

Top sellers for Black Friday weekend betrayed consumers' concerns about the struggling economy, however, as shoppers snatched up basics like cold weather essentials (coats, gloves, sweaters) and other lower cost items, including books and accessories.

Retailers throughout the state reported on their Black Friday weekend sales through the Retail Council of New York State's annual "Holiday Sales Watch," a periodic snapshot of sales activity in stores small and large between late November and early January.

Merchants reported steady foot traffic all weekend long, except those in Central New York who noted that freezing rain affected Sunday afternoon activity in their stores. Accurately interpreting consumers' sensitivity to price this holiday season, surveyed retailers confirmed they offered steep discounts anywhere from 20 to 60 percent off.

"The bottom line is that this Black Friday weekend proved to be better than many expected and far better than most analysts predicted," said Mr. Sherin. "The question now becomes whether consumers can keep up the momentum through Christmas. Although it is customary to see a fall off in consumer activity right after Black Friday weekend, merchants will be as creative as they need to be to encourage shoppers to visit their stores to finish off their shopping lists."

The Retail Council's next Holiday Sales Watch will gauge mid-season sales activity. The results of this survey will be released Dec. 17, 2008.

Hot Sellers: 2008 Holiday Season

For Girls: Barbie, Disney Hannah Montana, Bratz, Nintendo Wii, other video games, Elmo, Disney High School Musical, Disney Princess, American Girl

For Boys: Video games, Nintendo Wii, LEGO, cars, Transformers, Elmo, Star Wars, Hot Wheels, remote controlled vehicles, Xbox 360

For Adults: Cold weather apparel, books, CDs, DVDs, video games, Blu-ray DVD players, gift cards/certificates, jewelry and accessories

About the Retail Council of New York State:

The "Voice of Retailing" in New York state, the Retail Council represents thousands of member stores of all sort and size. The Retail Council offers money-saving group benefit programs and government relations expertise to its members. For more information, please visit www.retailcouncilnys.com.

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