Our national fascination with holiday shopping is once again at 'all in' mode. Black Friday has passed, Cyber Monday is upon us. Cyber Monday was originally a fictional concept, with online retailers suggesting for years that the Monday after Black Friday was the heaviest online shopping day of the year. It wasn't. When it was first suggested, it was twelfth largest holiday shopping day. However, Cyber Monday is now a cultural meme and last year became the largest online shopping day for Amazon simply because that's how it was marketed.
Regardless of which day is largest online, Black Friday remains the shopping holiday that resonates. Every year, we hear it used as a bellwether on the health of our animal spirits toward spending. This year, we've heard that it's indicative of great things to come! Then again, it was used that way last year, too. 2011 has proven to be substantially larger than 2010, in terms of Black Friday spending (6.6% growth versus 0.3% growth year over year). Ultimately, Black Friday of 2010 indicated nothing of importance economically, because most of the holiday spending increases were from high income folk. The large initial growth on Black Friday this year may not say much more than people are looking for bargains, and retailers are seeking to burn off inventory.
Or it could say much more. One thing it definitely says is we love our debt and getting rid of it will prove difficult.
