Over 200 million people shopped during Thanksgiving weekend, surpassing expectations

Record-Breaking Thanksgiving ⁢Weekend Shopping

According to the National Retail Federation (NRF), more than 200 million consumers​ participated​ in the Thanksgiving weekend shopping frenzy,‌ setting a new record. The NRF’s annual survey revealed that⁣ a staggering 200.4 million people went shopping​ during‍ the five-day holiday weekend,⁤ surpassing the​ NRF’s initial ​estimate of 182 million shoppers by a remarkable ‌18​ million.

A Major Holiday Success

NRF President and CEO⁤ Matthew Shay⁢ expressed his excitement during a press call, ⁢stating, “We ‍thought we’d have a big⁣ weekend, ⁢and we did. We had a very big ⁣weekend.⁢ This was a major holiday —​ a record-setter.”

Shay also shared that the average ‌amount spent on various ‍items, including gifts, decor, and food, was‌ $321,⁢ which showed a slight ⁣decline compared⁣ to ‍the previous year.

In-Person and Online Shopping

While a⁤ significant portion of the ⁢holiday weekend spending occurred online,‍ consumers also chose to shop in-person. ‌Black Friday remained the most⁢ popular shopping day, ⁤with⁤ over 76 million shoppers ⁣visiting physical stores, an ‍increase from the previous year’s 72.9 million.

On Black Friday, approximately 91 million consumers⁣ shopped ‍online, up from 87.2 ⁣million in the previous year. However, there was a slight decrease⁢ in online shopping on Cyber Monday, with 73 million ⁤people⁤ doing so this year compared to 77 million in‍ 2022.

Top Gifts and Remaining Shopping

The top gifts⁣ purchased during the five-day period included clothing​ and accessories, toys, gift cards, books, video games, and personal care or beauty items. Shay emphasized⁤ that there is ‌still a ⁢significant amount‌ of holiday​ shopping remaining, with⁢ holiday shoppers reporting that ‍they have about half‌ of ‌their shopping⁤ left to do before the‌ end of the year.

Expectations for the Holiday Season

Despite the‌ record-breaking weekend, some analysts predict a more ⁢subdued holiday shopping season compared to ‍previous years. Ted Rossman, senior industry analyst at Bankrate, noted‌ that October’s retail sales slightly declined ⁤from September, despite⁤ more people indicating their intention​ to start holiday⁢ shopping earlier ⁣this year.

The NRF anticipates holiday spending to increase by 3% to 4% compared to last year, with ‍shoppers expected to spend up to $966.6 billion in November and ⁣December. This projected growth‍ aligns with pre-pandemic trends,⁢ where annual ⁣holiday spending grew by an average of 3.6% from 2010 to 2019.

However, Rossman ​believes‍ that holiday ‌sales may ⁢fall short of the NRF’s projections, as recent retail sales figures show a decline when adjusted for inflation. He attributes this to the impact of inflation​ and ‌high interest rates⁢ on consumers’ purchasing power.

Signs of a More Muted ‍Season

There are⁢ indications ⁤that retailers are also anticipating a less robust holiday spending season. Unlike previous ‌years, there has been a smaller surge in ⁤seasonal ‌hiring, with the NRF expecting employers ‍to‌ add⁢ 345,000 to 445,000 seasonal workers to their payrolls, a decrease of up to​ 40% compared‌ to the⁢ peak in 2021.

Furthermore, outplacement services firm Challenger, Gray, and Christmas ⁢predicts that ‌retailers will add around 410,000 seasonal positions, the lowest number since 2008.

Andrew Challenger, head of sales and media at ​Challenger, Gray, ​and⁤ Christmas,⁢ explained that‍ with inflation slowing down, companies, especially retailers, may ‌struggle to pass increased labor costs⁣ to consumers. This could result in more⁢ job cuts rather than additional ⁢positions ‍in the retail sector.

Despite​ these uncertainties, the country’s labor market has remained​ resilient, with ‍the economy adding 150,000 jobs in October, albeit fewer⁣ than economists had projected.

Click here to ⁣read ⁢more from The⁢ Washington Examiner.

How ⁢has the ongoing pandemic and concerns about new variants influenced consumer behavior during the holiday season?

Conomic uncertainties, supply ⁣chain disruptions, and⁢ rising inflation are some of the factors that could impact⁤ consumer spending in the coming⁢ weeks. Additionally,⁤ the ongoing pandemic and potential concerns about new variants‍ could influence consumer behavior.

However,⁤ the NRF remains optimistic about ‍the holiday season, forecasting a total ⁢retail ​sales increase of at ⁢least 8.5% to 10.5% ⁢compared to the previous year. They anticipate that consumers will continue ⁢to spend on gifts, entertainment, and experiences as they ​look ‍to enjoy the ⁣festivities after ‌a challenging couple of years.

Retailers have been preparing for the holiday rush by bolstering‌ their inventory and offering enticing deals and promotions. They ​are also investing in their online​ and omni-channel capabilities to cater to the ⁤growing ‌trend⁤ of online shopping. Retailers are aware⁢ that consumers value convenience, speed, and safety, ‍and ‌are striving ‍to provide a seamless shopping experience both in-store⁢ and⁤ online.

The holiday ‌season is crucial​ for⁣ retailers as it can account for a significant portion of their annual sales. Hence, they are doing everything ‌possible ​to attract customers and ensure ‌a​ successful end to the year. From extended store⁣ hours to early⁤ Black Friday deals, retailers are leaving no stone unturned to capture consumers’ attention and encourage them to make their purchases.

While the‍ Thanksgiving weekend shopping results are certainly encouraging, it is essential to note that the holiday season is far from over. There are still several ‍weeks left, including the highly ‌anticipated holiday shopping ⁣weekends in December, such ⁣as Super Saturday and‍ the days leading up to Christmas. These periods ​could see a surge in last-minute shopping and further⁣ boost the retail⁢ industry’s performance.

In conclusion, the record-breaking Thanksgiving weekend shopping is a ‌positive sign for⁤ both retailers and the ⁤economy. The NRF’s survey​ highlights the resilience and determination of consumers to celebrate the holiday season⁣ and express their love and appreciation through gifts and purchases. As the holiday season continues, retailers ‌and‌ consumers alike will remain active, and ​it will be interesting to see how the ​rest ‍of the shopping season unfolds.

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