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Lesko Financial: Black Friday 2019

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VESTAL, N.Y. -

Transcript of Thursday's November 27, 2019 Lesko Financial segment that aired on Fox 40 News at 6.

BRI:
BLACK FRIDAY IS STILL ONE OF THE BIGGEST SHOPPING DAYS IN THE YEAR. WHAT’S THE OUTLOOK FOR THIS FRIDAY? GREG LESKO OF LESKO FINANCIAL SAYS OPTIMISTIC—BUT WITH CHALLENGES. GREG…

GREG:
THANKS, BRI. THE ECONOMY IS HEALTHY AND WAGES AND INCOME HAVE GONE UP. CONSUMER CONFIDENCE IS ALSO HIGH. BUT RETAILERS HAVE BEEN PUSHING HARD ON BLACK FRIDAY SALES THIS YEAR, WITH ONLY 26 DAYS BETWEEN THANKSGIVING AND CHRISTMAS. THEY BEGAN ANNOUNCING BLACK FRIDAY DEALS IN LATE SEPTEMBER. SOME 114 MILLION PEOPLE SAID THEY PLAN TO SHOP ON BLACK FRIDAY… AND NEARLY 40 MILLION WILL SHOP ON THANKSGIVING ITSELF-- FORSAKING THAT EXTRA PIECE OF PIE TO HEAD TO THOSE STORES THAT WILL BE OPEN.

BRI:
WHAT PORTION OF HOLIDAY SHOPPERS WILL GO TO BRICK-AND-MORTAR STORES?

GREG:
IN-STORE SHOPPING HAS BEEN DECREASING ON BLACK FRIDAY OVER THE PAST FEW YEARS. STILL, A RECENT SURVEY SAID FOUR OUT OF 10 CONSUMERS PLAN TO SHOP IN-STORE THIS FRIDAY LEAVING 6 OUT OF 10 WHO SAY THEY’LL AVOID THE STORES. OF THOSE WHO don’t PLAN TO HIT THE SALES, ABOUT A THIRD SAID THEY never SHOP ON BLACK FRIDAY. NEARLY AN EQUAL NUMBER SAID THEY USED TO EMBRACE BLACK FRIDAY SALES BUT HAVE STOPPED. THE MAIN REASON FOR STOPPING? “THE STORES ARE TOO BUSY.” ANOTHER REASON: MORE SHOPPERS ARE DOING THEIR HOLIDAY BUYING ONLINE

BRI:
HOW ARE ONLINE SALES FORECASTS?

GREG:
ONLINE HOLIDAY SALES HAVE BEEN GROWING AND ARE EXPECTED TO REACH NEARLY 17% OF TOTAL RETAIL THIS SEASON. OVERALL, ONLINE RETAILERS ARE EXPECTING A 14% RISE IN SALES TO 143 BILLION DOLLARS. OF COURSE, THIS GOES BEYOND BLACK FRIDAY TO INCLUDE CYBER MONDAY AND THE REST OF THE HOLIDAY SHOPPING SEASON.

AND SHOPPING OR NOT, HAVE A HAPPY THANKSGIVING.