Stories about the success of Black Friday/Cyber Monday are as inevitable as taxes and death but nowhere near as reliable. It goes like this: "Great Black Friday sales numbers mean a big shopping season. Insert somebody’s numbers to support this and then a quote or two from an analyst." Publish, forget, and hope no one notices that they are ALWAYS — even in good economic times — WRONG. In the past these stories have been an embarrassment. Now they are colluding with retailers to overcome the facts in the hopes that somehow shear massive denial will rescue us.
This isn’t whistling past the graveyard, it’s renting a whole symphony orchestra.
Although the actual sales figures would later show a whopping 0.5% increase in sales, here’s the AP’s early report on what should be called Bogus Saturday:
The nation’s shoppers took advantage of deals on toys and TVs with some renewed vigor in stores and online on Black Friday after a year of concentrating their spending on basic necessities. Though the first numbers won’t be available until Saturday, early reports indicated bigger crowds than last year, with people buying more and even throwing in some items for themselves.
“Though the first numbers won’t be available until Saturday”? That’s shorthand for “we’re making this up.”
Stores were encouraged that shoppers appeared to be a little freer with their spending. Best Buy, Sears Holdings Corp. and Mall of America, as well as mall operators Taubman Centers and Simon Property Group, offered signs people were buying more than last year.
“Offered signs”? Whiskey Tango Foxtrot?
An average of about 1,000 people were in line for midnight openings at Toys R Us stores, CEO Gerald Storch said. After setting aside 100 Zhu Zhu Pets hamsters for each location, Toys R Us came back with several shipments of the hot toy for several of its stores Friday.
And Mr. Storch is certainly an unbiased observer with no vested interest in the outcome of this story. Fortunately Mr. Storch’s “facts” were backed up by none other than Macy’s CEO Terry J. Lundgren. Lundgren said more than 5,000 people were at Macy’s Herald Square store in New York early Friday, slightly more than last year. (WHERE DO THESE NUMBERS COME FROM? Is there someone whose job it is to count the number of people in line? )
Having passed off the above as news, the AP then goes to a person-on-the-street for further uninformed opinion.
Dondrae May, a manager at a Best Buy in Framingham, Mass., said shoppers started lining up at 4 p.m. Thursday — 13 hours before opening. He said shoppers were filling their baskets with more items than a year ago, when they were shellshocked after the financial meltdown.
Everyone repeat after me: The plural of anecdote is NOT data. The plural of anecdote is NOT data. The plural of anecdote is NOT data. The plural of anecdote is NOT data. The plural of anecdote is NOT data….
At least Bloomberg had the decency to make it clear the adjective for the sales figure was alleged, not proven.
Although Bloomberg also cites a retail CEO (Best Buy) as saying sales are better, they don’t pass off his opinion as anything but that. (BTW, Storch & Dunn’s questionable numbers are also quoted in the Bloomberg story and in the Wall Street Journal. Some PR agency is earning its commission!)
That said, Bloomberg does pass along this piece of genius seemingly without pausing to ask where these statistics come from:
“There’s a little more traffic than last year across the board, maybe 10 percent,” Bill Taubman, chief operating officer of Taubman Centers Inc., a U.S. real estate investment trust with 24 malls, said in a telephone interview yesterday.
Thank G-d for the Wall Street Journal which had the common decency to run a story poking holes in all these predictions.
Black Friday’s predictive powers are limited. Although the day after Thanksgiving was the No. 1 shopping day in terms of sales last year, when economic turmoil made it a retail free-for-all, it typically is eclipsed by the last Saturday before Christmas. Similarly, "Cyber Monday," the Monday after Thanksgiving, hasn’t been the top day for online sales since the term was created five years ago.