Reports indicate that consumers spent a record $13 billion on Black Friday preparing for the Christmas holiday season.
It is estimated that the four day spending total was down this year to a measly $50.1 billion down from $57.4 billion in 2013. Overall, shoppers are expected to spend $616.9 billion which is up 4.1 percent from 2013.
However, online retail sales topped $1 billion for Thanksgiving.
The biggest consumers this holiday season are estimated to be minorities, blacks, Asian Americans and Hispanics.
Asians Americans and Hispanics are estimated to spend about 13 percent more than they did last year while African Americans are estimated to spend about 17 percent more than last year.
But where will all of that money go?
African Americans will spend 17 percent more on electronics, 17 percent more on food and 15 percent more on apparel.
Many people will use credit cards to do their holiday shopping, promising to pay the debt off within two or three months. Six or eight months later (or more), they are still paying, and those items that seemed like such bargains end up costing you 10 to 20 percent more than they thought, due to credit card interest, according to financial experts.
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