November 29, 2008 Surprised? Black Friday sales up in 2008 Play video

(NECN/ABC) - They came, they saw, they shopped. Preliminary figures show consumers spent 3-percent more on Black Friday than last year, to the tune of $10.6 billion dollars.

But now that Black Friday is over, will the excitement drummed up by advertised discounts be enough to boost retailers' slumping sales?

"Will that traffic sustain itself? And will that momentum carry through? And if it doesn't, that's a good indication that the rest of the holiday is going to be tough for retailers to generate excitement," Marshal Cohen of NPD Group said.

The battered economy has retailers hoping the holiday shopping season, which can account for up to 40-percent of annual sales, pushes them into the black.

It has also made this year's consumer the most sought after commodity of them all. The competition is fierce for those companies in need of a holiday boost

Those who are spending are focused on price, looking for the deepest discounts.

But not all shoppers are convinced that retailers have done enough to slash prices. They are holding out, hoping to find better deals closer to Christmas.

Experts have said that even with a strong holiday shopping season, this will likely be a year of reckoning for many retailers, who may have to close stores that are not making money. This, of course, could mean more lay offs.

ABC's Viviana Hurtado has the story in the video player above.