Last November's Black Friday was anticipated to be a day that generated a significant amount of consumer buying, and according to the estimates, it delivered.
Retail intelligence provider and website ShopperTrak reported that Black Friday sales purchases increased more than 6 percent in 2011 when compared to the same 24-hour period in 2010. The $11 billion worth of retail buys made this past Black Friday the most prolific one yet in terms of dollars spent.
"Black Friday is the biggest shopping day of the year and the traditional start to the holiday shopping season," said Bill Martin, founder of ShopperTrak. "Despite our sluggish economy, shoppers proved they are looking for value and ready to buy if given a good customer experience."
He added that it remained to be seen whether the increased buying activity would continue thereafter.
To keep consumers buying, many retailers now offer low-interest financing options in addition to deep price cuts on more costly items that can take some time to pay off, such as high-definition televisions or home furniture. Consumers with a clean credit history may be able to take advantage of these offers.