FX.co ★ Americans go on spending spree on Thanksgiving Day

The Americans celebrated Thanksgiving Day a few days ago, and it became one of the most expensive holidays on record. Thanksgiving Day gives a start to the sales season, taking place the day before Black Friday. The previous two sales seasons were a failure as the Americans were reluctant to squander their money. However, this year they went on a spending spree.

In a single day the Americans spent 1.52 billion dollars. Favorable economic conditions contributed strongly to an increase in sales. The strong labor market, robust wages growth, and rising US stocks boosted consumers’ appetite. This year retailers registered the record number of those who wished to buy everything in sight. Enormous queues, chase for good bargains, huge discounts, fights and many other things created a really festive mood on that day. “The turnout is clearly better than the last couple of years,” said Craig Johnson, president of Customer Growth Partners. “The parking lots are full and the outlet malls are busy.” In total, consumer spending advanced by 16.8% from the start of the sales season comparing to the last year. So, retailers happily anticipate huge revenues. Thanksgiving Day is only a prelude to a bunch of upcoming holidays.