The five-day shopping spree that runs from Thanksgiving Day to Cyber Monday kicked off with a bang on Thanksgiving, with U.S. consumers spending $5.6 billion online, an increase of 5.5% from last year, according to CNBC, which referenced data from Adobe Analytics.
An estimated 182 million people are planning to participate in the five-day event, with Black Friday expected to be the busiest day of them all, according to a new survey by the National Retail Federation (NRF) and Prosper Insights and Analytics.
The survey of 8,424 adult consumers conducted from November 1 to November 6 revealed that about 72% plan to shop on Black Friday this year, up from 69% in 2022; this equates to about 130.7 million Black Friday shoppers, up from 114.9 million in 2022.
Holiday spending is expected to hit record levels during November and December, growing 3% to 4% from last year and totaling $957.3 billion to $966.6 billion, according to an NRF forecast.
“The Thanksgiving holiday weekend marks some of the busiest shopping days of the year, as consumers enjoy the tradition of shopping for the perfect gifts for friends and loved ones,” NRF President and CEO Matthew Shay said in a statement. “Retailers have been preparing for months for this occasion. They are stocked and ready to help customers find the gifts and other items they want at great prices during the entire holiday season.”
Online shopping is expected to see growth of between 7% and 9% from 2022’s holiday season, and total $273.7 billion to $278.8 billion, the NRF said. Sales on Black Friday alone are expected to grow 5.7% and top $9.6 billion, according to Adobe Analytics.
“Consumers remain in the driver’s seat, and are resilient despite headwinds of inflation, higher gas prices, stringent credit conditions and elevated interest rates,” NRF Chief Economist Jack Kleinhenz said in a statement. “We expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace. Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars.”
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