This year’s Thanksgiving weekend saw a slight decrease in shoppers compared to 2023, with an estimated 197 million people shopping during the five-day period, according to a survey by the National Retail Federation. Despite this, spending patterns remained relatively robust.
Online sales on Black Friday increased by almost 15% compared to last year, while in-store sales rose by only 0.7%, resulting in a total increase of 3.4%. Consumers were more selective about their purchases, with many opting for deals and discounts.
According to Mastercard SpendingPulse, shoppers spent an average of $235 on gifts this holiday season – $8 more than last year. The majority of spending went towards clothing or accessories.
Retail executives have noted a shift in consumer behavior, describing people as “resourceful” rather than “resilient.” This cautious approach reflects the economic uncertainty caused by inflation. The National Retail Federation had predicted 183 million shoppers, but the actual number exceeded expectations.
Source: https://www.nytimes.com/2024/12/03/business/black-friday-cyber-monday-shopping.html