EYE on RETAIL: Tis the season
A record 183.4 million people are planning to shop in-store and online from Thanksgiving Day through Cyber Monday this year, according to an annual survey from the National Retail Federation and Prosper Insights & Analytics.
The figure is up from the previous record of 182 million in 2023 and 18.1 million people more than five years ago in 2019.
“Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”
The top reasons consumers plan to shop during this five-day period are because the deals are too good to pass up (57%), it is tradition (28%) and they like to start holiday shopping over Thanksgiving weekend (24%).
While consumers will spread their shopping across channels throughout the five-day holiday weekend, Black Friday remains the most popular day to shop, with 72% (131.7 million) planning to head out to stores or shop online. About two-thirds (65%) of Black Friday shoppers expect to specifically shop in stores that day. Cyber Monday is the second most popular day, attracting 39% (72.3 million) of those planning to shop.
The trend of early holiday shopping continues with 58% of consumers having already started their holiday shopping as of early November. On average, holiday shoppers have completed one-quarter (25%) of their planned purchases.
“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”
Of those who are not currently planning to shop during the holiday weekend, half (51%) said they could be convinced to do so if items they want are on sale, if they are offered free shipping or if friends or family members invite them.
Earlier this year, NRF forecast that holiday spending is expected to reach record levels during November and December and will grow between 2.5% and 3.5%, totaling $979.5 billion to $989 billion.
The survey asked 8,135 adult consumers about their holiday shopping plans. It was conducted Nov. 1-7 and has a margin of error of plus or minus 1.1 percentage points.
