Black Friday 2008 and Cyber Monday 2008

BDO Seidman, LLP, one of the leading accounting and consulting organizations in USA, predicted that the “Black Friday,” which is the official starting day of the holiday season shopping, is going to observe a sales growth of 1.2%. During “Cyber Monday,” the following Monday after “Black Friday,” sales is expected to grow by 2.4%. The organization published its latest edition of “The BDO Seidman Retail Compass Survey.” One of the biggest surveys in USA, the survey was conducted upon 100 chief marketing officers from leading retail stores around the country. Market Watch reports:

"While it is good to see growth, unfortunately this is down significantly from last year, when reports found that actual Black Friday and Cyber Monday sales grew 8.3 and 21 percent respectively," said Ted Vaughan, a Partner in the Retail and Consumer Product Practice at BDO Seidman.

Mr. Ted Vaughan admitted that the ongoing credit crunch will make it difficult for retailers.  He said that internet sales and gift cards are going to be popular this year. Here are some of the findings of the survey:

• Internet sales and gift card sales are going to do much better this year. The CMOs predicted that internet sales would grow by 8.0% and gift card sales would grow by 5.1%.
• Of the total CMOs, 49% said that consumer electronics is going to be on top of selling lists this year.
  
• More than one-third (37%) of the retailers expect that gift card sales is going to increase compared to the 2007 holiday season. Half of the CMOs expect that gift card sales will be flat and 13% think that sales will decrease.
  

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