HOUSTON – Black Friday retail sales after Thanksgiving are expected to be up 2.4 percent over last year, CBRE Research reports. And lower cost travel may give consumers a bit more money in their pockets that can be used for Christmas shopping.
Sharing (below) CBRE Research’s Marketwatch report on the dollars and cents of Thanksgiving (and Black Friday). Cyber Monday will be even bigger. May the holiday season begin:
“Whether you fly or drive, you’ll save money on holiday travel with AAA’s forecast of 46.9 million Americans making a 50-mile or more trek this Thanksgiving (up from last year), and that’s a lot of savings in the terminal or at the pump. The average price of Thanksgiving round-trip airfare dropped 9% to $369, according to a study by Orbitz.com. Among the top 10 travel destinations, Texas has the best deals across the nation with airfare down by 11% and hotel rates shaved 13% (just in case it’s a bit “too crowded” at the in-laws’).
“And if you are staying close to home this Thanksgiving, you’ll be thankful gas prices are lower by 30% over 2014. The average gas price in Texas is $1.96 per gallon, down from the 2015 peak in June of $2.57 per gallon. That’s well below the national average of $2.13.
“While you might be stuffed with turkey, retailers mouths are watering after observing Alibaba’s Singles’ Day in China on 11/11, which shocked the world with $14.3 billion in sales—more than $1.4 billion sold in the first eight minutes.
“American retailers expect a slight increase in Black Friday and Cyber Monday sales, 2.4% and 2.9% respectively, according to the BDO Retail Compass Survey. Unlike Singles’ Day, an estimated 59% of American shoppers, will venture out to brick-and-mortar stores for their gifts throughout the weekend, says the International Council of Shopping Centers.
“And the broader holiday sales metric for November and December is expected to be up even higher, as Wells Fargo economists portend a 3.4% boost in sales over last year. The ingredients for this forecast recipe include higher employment rates, gains in real disposable income, stronger consumer confidence and improving optimism about the economy’s future. Dig in!”