US shoppers get thrifty this Black Friday

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Americans headed to department stores in droves in the dead of night on Friday to kick off the holiday shopping season, though many said they had pared back how much they would spend on family members and on themselves.

Black Friday, the day after US Thanksgiving, is often the single busiest shopping day of the crucial holiday season, which accounts for nearly one-fifth of the retail industry's annual sales.

The annual festive ritual of American consumerism is now being monitored closely for signs the US shopper is again ready to propel the economy forward, after the global financial crisis last year led to the worst holiday season in nearly four decades.

Debra Diriwachter, a supermarket cashier, waited for several hours outside the Queens Center mall in New York before doors opened at 11 pm EST on Thursday. She is cutting back her gift budget this year and will only use cash for purchases. "I don't like to be in debt and if I know what I am spending, that's good," she said.

The first 200 shoppers entering the mall, some in their pajamas, were handed USD10 gift cards to whet the appetite.

"This is beautiful. I am so happy," said Roberto Tomala. "This is a good motivation to everybody. In this situation, even USD10 helps to buy something"

Up to 134 million US consumers say they may shop for holiday gifts this weekend from Black Friday through Sunday, according to the National Retail Federation.

That is up from last year's survey, taken weeks after the global financial crisis erupted, but still below consumer Black Friday plans reported ahead of the shopping season in 2007.

Discount retailers like Wal-Mart Stores Inc and Target are expected to see the heaviest traffic over the holiday weekend, followed by department store chains like Macy's and Kohl's.

They and their industry peers have spent the past year shrinking inventory, shutting stores or scaling back new openings, to avoid steep discounts and protect profits.

"Last year they literally gave the merchandise away," said Marshal Cohen, senior analyst at retail consultancy NPD Group. "This year, they have to sell half as much as last year to break even ... so even if they don't sell as much they're going to make money."

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