Black Friday's Biggest Surprise
In a stunning change of consumer behavior, America’s Research Group found that shoppers stuck to cash on Black Friday. Only 26 percent of shoppers chose to use credit cards, while 35 and 39 percent used debit cards and cash, respectively.
According to Reuters, “Consumers shunning credit cards is a bad sign for retailers, since people who buy gifts with a credit card tend to spend anywhere from 20 to 40 percent more on the gift…
“Data from the survey of 680 people was in line with results from the National Retail Federation which showed more traffic in stores and on websites over the Thanksgiving weekend, but less spending per person.”
Americans seem be taking debt burdens more seriously in this troubled economy and are showing it by reining in debt-fueled consumption. More details are available from Reuters in its coverage of how cash was king for holiday shoppers.