Black Friday Weekend a Record Win for Retailers: Good News for Businesses, Say Small Business Expert Sunovis Financial

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Black Friday weekend this year was a record win for retailers, as the American consumer returned to holiday shopping and spending. A record 247 million consumers shopped either online or in physical stores over the Black Friday weekend, spending an estimated $59.1 billion. Signa Financial observes that the return of the consumer is important not only for the overall economy, but also for small businesses, who benefit greatly from increased consumer spending.

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"A return of consumer spending is important for small businesses and the economy. Now if there can be an alignment of capital and lending for small businesses to further support them, the economy will benefit."

Based on data from a National Retail Federation (NRF) survey conducted by BIGinsight, over 35 million U.S. consumers visited retailers both in person and online just on Thanksgiving this year. That is a jump of more than 20% versus last year’s 29 million Thanksgiving shoppers. That was just the beginning though as the survey also shows a record number of people, 89 million, shopped online and in stores on Black Friday this year. That was an increase of 3 million consumers over last year’s 86 million Black Friday shoppers.

Another record was set for the entire weekend, with 247 million shoppers taking part in the Black Friday holiday sales and shopping events. That was a jump of nearly 10 percent over last year’s 226 million shoppers. Consumers also spent more this year with average weekend receipts of $423 versus $398 last year. Total Black Friday weekend spending is estimated to be $59.1 billion.

Terry Robinson, President of Sunovis Financial, said, "A return of consumer spending is important for small businesses and the economy. Now if there can be an alignment of capital and lending for small businesses to further support them, the economy will benefit." Sunovis Financial specializes in SBA loans and Short-Term Micro loans for businesses.

Online shopping received a boost this year as well, with consumers heading online as early as Thanksgiving Day to take advantage of sales and specials. 27 percent of consumers surveyed said they shopped online Thanksgiving Day, and almost half (47.5 percent) said they shopped online on Black Friday. Online spending was 40.7 percent of total weekend spending, up from 37.8 percent last year.

“There’s no question that millions of people were drawn to retailers’ aggressive online promotions this weekend, making sure to research and compare prices days in advance to ensure they were getting the best deal they could,” said BIGinsight Consumer Insights Director Pam Goodfellow. “However, with shopper traffic increasing at department, discount, and clothing stores over the weekend, it’s clear that consumers still recognize Black Friday as one of the biggest shopping days of the year, as they have for decades.”

Savvy consumers didn’t limit themselves to gift purchases either. Nearly 80 percent of those asked said that they made purchases for themselves to take advantage of the retailers’ weekend sales and promotions.

About Sunovis Financial
Every small business is important to local communities and even more important in rebuilding the American economy. Sunovis Financial assists small businesses, including SBA loans and fast micro loans. The company motto is: rebuilding the U.S. economy, one business and one loan at a time.

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Kathy Heshelow
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