Share “Consumers prepare to stretch waistlines...”

Consumers prepare to stretch waistlines and budgets this Thanksgiving holiday

The average shopper spent $400 on Black Friday weekend last year, and $52.4 billion was spent nationwide. Financial experts give tips for keeping budgets in check.
by Jennifer Palmer Published: November 22, 2012
Advertisement
/articleid/3730682/1/pictures/1890157">Photo - Ryan Martin pushes his door buster purchase from the store last year after Target’s midnight opening on Black Friday. Consumers spent an average of $400 during the Black Friday weekend last year.Photo by STEVE SISNEY, THE OKLAHOMAN Archives
Ryan Martin pushes his door buster purchase from the store last year after Target’s midnight opening on Black Friday. Consumers spent an average of $400 during the Black Friday weekend last year.Photo by STEVE SISNEY, THE OKLAHOMAN Archives

This year, 19 percent of consumers plan to spend more than last year and 5 percent say they will spend substantially more, according to a survey by the International Council of Shopping Centers. It's the highest percentage of consumers planning to increase spending since the council began asking the question in 2004. Still, 40 percent plan to spend about the same and 26 percent say they will spend less or substantially less.

Certified financial planner Troy Jones, of Access Financial Resources, said spending is one of the few aspects of our financial lives we have complete control over.

“Most people don't have adequate savings in retirement, or insurance. And yet, they are the first in line at Black Friday,” he said.

There is no mathematical formula for consumers to determine how much is appropriate to spend on Black Friday, or for holiday shopping in general. Each person has to look carefully at their finances and decide for themselves, he said.

And they shouldn't forget to factor in their investment of time, which is worth something.

“Five years from now, nobody's going to remember what they bought in line on Black Friday. But if they have money in their savings account ... that could make a real difference,” Jones said.

by Jennifer Palmer
Investigative Reporter
Jennifer Palmer joined The Oklahoman staff in 2008 and, after five years on the business desk, is now digging deeper through investigative work. She's been recognized with awards in public service reporting and personal column writing. Prior to...
+ show more


AROUND THE WEB

  1. 1
    Blumenthal: John Boehner is 'alcoholic,' 'lazy,' 'banal' | Washington Examiner
  2. 2
    Emails: Hillary kept close ties to Clinton Foundation while at State | Washington Examiner
  3. 3
    Radioactive chemical spill occurred last fall at University of Tulsa, officials announce
  4. 4
    Priceline.com reveals top Labor Day, Fall destinations for 2015
  5. 5
    Rep. Jim Bridenstine recognized for leadership on space issues
+ show more

FEATURED JOBS



× Trending business Article