A record 196.7 million Americans shopped in-store and online during the five-day holiday shopping period from Thanksgiving Day through Cyber Monday, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics*. The total number of shoppers grew by nearly 17 million from 2021, the highest figure since the NRF first tracked the data in 2017.
“The Thanksgiving holiday shopping weekend is a tradition treasured by many American families. Retailers have responded accordingly, offering shoppers a season of buying convenience, matching sales and promotions across online and in-store channels to accommodate their customers at each interaction.”
NRF President and CEO Matthew Shay said, “The Thanksgiving holiday shopping weekend is a tradition treasured by many American families. As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible. Retailers have responded accordingly, offering shoppers a season of buying convenience, matching sales and promotions across online and in-store channels to accommodate their customers at each interaction.
“It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historical growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday. It is consumer demand that is driving growth.”
According to the survey, more than three-quarters, 76 percent, of respondents said they shopped over the Thanksgiving holiday weekend, up from 70 percent in 2021. The number shattered the NRF’s initial expectations by more than 30 million.
Retailers saw a sizable uptick in in-store shoppers. More than 122.7 million consumers visited physical stores over the weekend, up 17 percent from 2021. The number of online shoppers grew, albeit at a slower pace. This year saw 130.2 million online shoppers, a 2 percent increase over 2021.
Black Friday continues to reign as the most favored day for in-store shopping. Approximately 72.9 million consumers opted for a more traditional in-person shopping experience, up from 66.5 million in 2021. The Saturday after Thanksgiving followed suit, with 63.4 million in-store shoppers, up from 51 million last year. A majority, 77 percent, of Saturday shoppers said they shopped on Small Business Saturday.
Black Friday was also the most popular day for online shopping, continuing a trend that started in 2019. Roughly 87.2 million consumers shopped online during Black Friday, in line with 2021. Similar to last year, 77 million consumers shopped online on Cyber Monday. A record 59 percent of online Cyber Monday shoppers used mobile devices, up from 52 percent in 2021.
The top destinations for Thanksgiving weekend shoppers were online (42 percent), department stores (42 percent), grocery stores and supermarkets (40 percent), clothing and accessories stores (36 percent), and discount stores (32 percent).
Consumers spent an average of $325.44 on holiday-related purchases over the weekend, up from $301.27 in 2021. Of that amount, most ($229.21) was for gifts. Most Thanksgiving weekend shoppers (90 percent) said the deals were the same or better than last year.
“While Thanksgiving is no longer the starting point for holiday shopping, the five-day shopping period still plays an important role in the overall holiday season,” Prosper Executive Vice President of Strategy Phil Rist said. “On average, consumers say they are almost halfway (47 percent) done with their holiday shopping at this point in time, leaving plenty of room for additional purchases in the remaining weeks of the year.”
The top gifts purchased were clothing and accessories (bought by 50 percent of those surveyed), toys (31 percent), gift cards (27 percent), books/video games/other media (24 percent), food and candy (23 percent), and electronics (23 percent).
While early deals and sales enticed some consumers before mid-November, others saved most of their shopping for November and December. More than half (56 percent) of respondents said they took advantage of early holiday sales or promotions before Thanksgiving. One-quarter (24 percent) did so before November 16 and another 36 percent shopped in the week leading up to Thanksgiving (November 16-23).
*The NRF defines the holiday season as November 1 through December 31 and forecast retail sales to grow between 6 percent and 8 percent over 2021 to between $942.6 billion and $960.4 billion. The survey of 3,326 adult consumers was conducted November 23-27 and had a margin of error of plus or minus 1.8 percentage points.
Photo courtesy San Diego Union-Tribune
