Despite forecasts that economic fears would prompt consumers to sit on their wallets this holiday season, "Black Friday" sales at the nation's retailers rose three percent over 2007, according to ShopperTrak, a provider of retail information.
The company's Retail Traffic Index estimates cash registers nationwide rang up $10.6 billion in sales Friday.
ShopperTrak warns that Black Friday isn't always the best indicator for holiday season, but notes consumers surprised the more pessimistic analysts by crowding discount stores in search of bargains.
"Retailers truly experienced what we've dubbed the 'perfect storm' over the last few weeks, with the financial markets melting down, the presidential election which typically slows retail traffic and relatively high gasoline prices all of which slowed both retail traffic and spending," said Bill Martin, co-founder of ShopperTrak.
"Under these circumstances, to start off the season in this fashion is truly amazing and is a testament to the resiliency of the American consumer, and undeniably proves a willingness to spend."
Retail traffic was heavy throughout the country as shoppers responded to early openings and numerous door buster specials and sales promotions. Regionally, the South led the way with a 3.4 percent rise over 2007, with the Midwest, West and Northeast closely following.
"While this is an encouraging start for retailers, there's no guarantee these deep discounts will continue after Black Friday weekend, which could slow spending," said Martin. "Additionally, consumers have just 27 days to shop this year as opposed to 32 in 2007, which may catch some procrastinating consumers off guard, leading to lower sales levels."
