NEW YORK (TheStreet) -- Retail stocks are rallying following what's believed to have been a record Black Friday weekend. But how much of this momentum will carry into the rest of the holiday season?
Early store openings and deep promotions led to a 6.6% jump in Black Friday sales to $11.4 billion, according to ShopperTrak.
According to the National Retail Federation, 226 million shoppers hit the stores and made online purchases over Black Friday weekend, up from 212 million last year. The average shopper spent about $400 this weekend, up from $365.34 last year. Total spending reached an estimated $52.4 billion.
Online sales stood out, with Black Friday alone posting a 26% increase to $816 million, making it the heaviest online spending day to date this year, according to comScore.While there's no denying sales were strong over the weekend, the frenzy tapered off as the weekend progressed, perhaps more so than usual because of the midnight openings. "The big question is how much shopping was pulled forward into November because consumers were so focused on getting deals, as seen last year," Nomura Equity Research analyst Paul Lejuez wrote in a note. "We expect a similar slowdown until we get to mid-December as consumers will now wait for new promotions to entice them to buy. This would mirror what we saw last year, as a strong Black Friday weekend last year pulled sales forward at the expense of December." Goldman Sachs analyst Adrianne Shapira said it's still too early to tell if the midnight and Thanksgiving openings will add to overall sales or simply pulled sales forward. Regardless, there were some clear retail winners. Here's a look at the biggest market share gainers this Black Friday weekend.
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