Like I’m sure many of you are, we’re doing last minute prep for Thanksgiving here at the Barton home in Delaware. It may be a smaller gathering than most years because of Covid-19, but that doesn’t mean we’re going to skimp on the turkey.
But for many investors, economists, and retailers, Thanksgiving is most important for what comes after it – Black Friday. Since at least 1952, the day after Thanksgiving has been the unofficial start to the Christmas holiday shopping season.
Black Friday has been the busiest shopping day of the year in the U.S. since at least 2005, and probably much longer. According to the National Retail Federation, American consumers went from spending $26.8 billion on Black Friday shopping weekend in 2005, to $58.3 billion in 2017. Now, those numbers don’t include the Monday after Thanksgiving, Cyber Monday.
If you include that day, Finder estimates Americans will spend $148.5 billion on shopping over Black Friday this year.
And thanks to an extreme overreaction to an earnings report, one of my favorite retail stocks has been served up for big profits at a beautiful discount – just like a Thanksgiving turkey on a silver platter. We’ll delve into this great buy opportunity.