Holiday Shopping Season start with Amazing Discounts

The first day of the holiday shopping season started with famous magician David Blane dangling above New York’s Time Square. The staged stunts were just a taste of the excitement that is in store for shoppers everywhere. Big retailers such as Wal-Mart and Target Corp opened the holiday shopping season this year with amazing discounts on plasma televisions, cashmere sweaters and toys.

Known more popularly as Black Friday, the first Friday after Thanksgiving has already become a tradition for retailers who consider this the second most profitable day of this year after December 23, the Saturday before Christmas.

Hoping to increase holiday sales by 5 percent for the current year, Wal-Mart started giving discounts three weeks ago on electronics, small appliances and food. Products such as Microsoft’s Xbox video game and General Electric microwave ovens were sold at special discounted rates.

New products this year such as Mattel Inc.'s T.M.X., Elmo doll, Sony's Playstation 3 and Microsoft's Zune music player will also be included in the store's discounted items. Wal-Mart shares rose to $48.03 last November 22 in anticipation of the stores expected high revenue.

In 2005, retailers brought in a $27.8 million sales record over the first holiday shopping weekend. This year a reported 137 million Americans will likely be spending their money on clothing, gift cards, toys, games and sporting goods. The increased demand for gift cards will play a major factor in reaching the target sales for 2006.

Retailers are expecting to rake in a $24.8 billion-revenue from gift cards alone. Online shopping sales are also hoping to meet target revenue of $24 billion for this year starting November 27 after shoppers have compared the store prices.

On the average, each American spends about $791.10 each Christmas season on gifts for their friends and families. Smart shoppers usually wait until the last 5 days before Christmas to avail of the biggest discounts offered by major retailers.