Black Friday shopping spree

Shoppers braving rain or frigid weather, crowded US stores and malls well into the night to get their hands on good deals for goods, from TVs to toys, on Black Friday.

Black Friday, usually the busiest shopping day of the year, is when retail stores record enough sales to put them "in the black" - an expression referring to the traditional method of accounting where losses were written in red ink and profits in black.

In a bid to grab shoppers earlier on the traditional start to the holiday shopping season, many stores including Old Navy, Toys R Us and Sears opened on Thursday's Thanksgiving holiday.

Toys R Us, which drew in shoppers with 50% discounts on such toys as Buzz Lightyear and Barbie, was counting on getting an extra boost by staying open for 24 hours, from 10pm on Thanksgiving.

Toys R Us's 10pm opening at its flagship store in Times Square drew 1500 shoppers, said CEO Jerry Storch.

"Where there are bargains, there are people looking to gobble them up," said Marshal Cohen, chief analyst for market research firm NPD. Though people were mostly sticking to shopping lists, some were picking up small extras. However, "the consumer is still very calculated".

Diehards started lining up at the Target department store on Chicago's North Side at 10pm on Thursday and, by the time doors opened at 4am on Friday, the queue was almost 600 deep.

In an encouraging sign for retailers and for the economy, more shoppers appeared to be buying for themselves than last year, when such indulgences were limited. During the disastrous 2008 Christmas, shell-shocked shoppers stuck to buying gifts for others.

Cohen, who had a team of consultants monitoring 11 regions in the US, estimated that 15% of purchases on Friday were items for themselves, up from about 9% last year on the same day.

On Black Friday 2008, he estimated it dropped to about 5%. In good economic times, such purchases run to about 26%, Cohen said.

"I would not go out in the cold for family," joked Kat Reyngold, 35, who wanted a 40-inch Westinghouse TV on sale at Chicago's Target for $299.

Bad weather put a damper on sales in some areas. Rain fell on or threatened much of the East Coast on Friday, and freezing early morning temperatures gripped the Midwest and mountain states, according to the National Weather Service.

The battle for shoppers' wallets promises savings for those willing and able to buy in an economy that is still worrying many.

The good news is that US retailers are heading into the festive season with some momentum after a solid start to November. Shoppers who can afford it are buying more non-essentials, like jewellery and luxury goods. That is helping to lift their spirits about the holiday season, which is expected to generate modestly higher revenue gains than a year ago.

Still, nearly 15 million Americans are unemployed, and concerns about job security are clouding consumer confidence. Spending may be picking up but has not returned to pre-recession levels. So retailers are offering deals on basics and discounts on more deluxe items, from bigger flat-panel TVs to more elaborate play sets.

"It's a dogfight between retail companies," said Chris Donnelly, a senior executive in consulting group Accenture's retail practice.

"This year is the first time that there's a little more money in the marketplace so they're being more aggressive about getting the last dollar."