Its beginning to look a lot like Christmas at the nations retailers after a blockbuster weekend where 133 million shoppers flooded stores hunting for popular electronics, clothing, and music. An NRF survey conducted by BIGresearch found that the average shopper spent $265.15 this weekend, bringing total weekend spending to $22.8 billion.
The $22.8 billion shoppers spent over the weekend will represent more than 10% of the $220 billion expected in total holiday sales this year. Though Black Friday weekend was a success for many retailers, stores recognize that the bulk of holiday shopping is yet to come.
“Retailers know that the holiday season is not a sprint, its a marathon,” said NRF President and CEO Tracy Mullin. “Black Friday weekend is just the beginning of a month-long race to the finish line.”
Of those who shopped, many headed out on Friday (64.6%) but consumers were also shopping on Saturday (54.1%) and Sunday (25.3%). In addition, nine million people got a head start on the crowds by shopping on Thanksgiving Day.
Consumers were out shopping for a variety of merchandise this weekend. According to the survey, 49.1% of consumers purchased clothing or clothing accessories this weekend while 45.5% bought books, CDs, DVDs, videos and video games. Also, 31.2% of shoppers purchased electronics.
A variety of retailers benefited from favorable weather and heavy discounting this weekend. According to the survey, the majority of shoppers headed to discounters (61.8%) though department stores (44.3%) and specialty stores (40.5%) also saw strong traffic. As expected, online retailers also had a solid weekend, with nearly one in three consumers (29.3%) choosing to do some of their holiday shopping over the Internet.
“High energy costs may pose a unique challenge to discount retailers this holiday season,” said Phil Rist, Vice President of Strategy for BIGresearch. “Discounters core shoppers have less discretionary income and are the most likely to be affected by higher gas prices.”
As of Sunday, November 28, the average person has completed 36.8% of their holiday shopping. Only one in 12 consumers (8.3%) are finished with their holiday shopping.