By Jane Han
NEW YORK ― More than 7,000 eager shoppers skipped sleeping and braved the pre-dawn chill as they lined up outside Macy's flagship store in Manhattan when doors opened at 4 a.m. on Black Friday, a sight pointing to a strong kickoff to the year's biggest shopping season.
From $39 cashmere sweaters and $198 flat-screen TVs to $10 Barbies, this year's bargains at Macy's and other major retail chains including Walmart, Best Buy and Target were carefully planned months ahead to be the biggest ever.
So after years of hunkering down, have American shoppers returned to snatch these deals and spend again?
Early figures and indications show that they have, according to analysts and industry experts who are closely charting holiday sales figures, starting with Black Friday, called that as retailers typically look to turn to profit or "in the black" after the major shopping day.
"There's no question that there is pent-up consumer demand that will drive retail growth this season," Terry Lundgren, Macy's President & CEO, said in a media interview. "I think this year we have a lot more confidence based on the momentum that has built up."
According to the U.S. Commerce Department, consumer spending, which accounts for about 70 percent of the U.S. economy, climbed at a 2.8 percent annual rate in the third quarter, the fastest since the last quarter of 2006.
Coinciding with the rebound, the National Retail Federation is predicting a growth in holiday sales of 2.3 percent this year to $447.1 billion. Year-end purchases make up an estimated 25 to 40 percent of retailers?annual sales.
Christine Augustine, retail analyst for Bear Stearns, said that the turnout so far shows this is a "Great kickoff."
"What we know now is that consumers want electronics. They are willing to go out at midnight, 3 a.m. or 5 a.m. and fill the parking lots to get that GPS for 50 percent off," she said.
Consumers want electronics but that's not only thing they want, as bargain hunters were spotted looking for anything and everything with a good deal.
"If anything is more than half off, I say buy it,?said Linda Norman, who finished paying a little over $200 for more than 11 items at Macy's.
Another early riser, Devon Lee, who was out for her first Black Friday shopping, said, "This is great, but I want to be careful not to get carried away.?
The mood is better, but like Lee, a majority of Americans are still cautious.
According to the National Retail Federation, debit cards and cash will be the most popular ways to pay for shopping as holiday shoppers try to stay away from slipping into debt.
"Many families may choose to leave credit cards at home, making sure to only purchase what's on their list and within their budget,?said NRF President and CEO Matthew Shay.