Sales on both Black Friday and Cyber Monday are expected to rise this year over 2008’s levels, according to a study released Monday by accounting firm BDO Seidman, LLP.
According to the BDO Seidman Retail Compass Survey, which interviewed chief marketing officers at top U.S. retailers, combined sales on Black Friday (Nov. 27) and Cyber Monday (Nov. 30) will rise 1.8 percent over last year. Also in the survey, 96 percent of retailers said they will increase promotions and discounts this year; 37 percent of respondents named consumer electronics as the product category that will see the most discounts this year, the highest number in the survey.
“Retailers plan to focus on promotions for the entire holiday season so there will less emphasis on Black Friday and Cyber Monday than in years past," Ted Vaughan, a partner in BDO’s Retail and Consumer Product Practice, said as part of the announcement. "Further, the heavy discounting necessary to get consumers out and shopping on Black Friday and Cyber Monday will preclude retailers from reaping major sales gains. However, the fact that most retailers do not expect to see a decrease in sales on these days is a sign that the economy is stabilizing.”
Click here for more on the survey.
