A staggering 197 million consumers flocked to stores and online platforms during the Thanksgiving holiday weekend, surpassing the National Retail Federation's (NRF) forecast by over 13 million shoppers. This figure marks the second-highest turnout in the survey’s history, following last year’s record of 200.4 million shoppers, the NRF announced on Tuesday.
The Numbers Behind the Rush
Retail activity between Thanksgiving and Cyber Monday revealed key trends:
- In-store purchases surged by 3.8% year-on-year, reaching 126 million shoppers.
- Online shopping experienced a 7% decline, attracting 124.3 million consumers, according to the NRF's survey conducted with Prosper Insights & Analytics.
“Thanksgiving weekend remains a cornerstone of holiday spending, reflecting its enduring significance for consumers and retailers alike,” said NRF CEO Matthew Shay. Despite a shorter shopping period and early sales promotions, the weekend outperformed expectations in terms of sheer shopper volume.
Black Friday’s Reign Continues
Black Friday emerged as the most popular day for both in-store and online shopping:
- 81.7 million buyers visited physical stores, up from 76.2 million last year and the highest level since the pandemic began.
- The Saturday after Thanksgiving recorded 61.1 million in-store shoppers, the second-highest figure for the holiday season.
- Cyber Monday, while still the second-most-popular online shopping day, saw a decline, drawing 64.4 million consumers, down from 73.1 million in 2023.
Spending Trends and Top Purchases
Consumers spent an average of $235 on gifts over the five-day period, an increase of $8 from last year. Top shopping destinations included online platforms and department stores. Gift preferences revealed:
- Clothing and accessories, including jewelry, were the top choice for nearly half of respondents.
- 31% purchased toys, while 27% opted for gift cards, and 23% chose food or candy.
- Personal care and beauty items were also popular, with 23% prioritizing these gifts.
Notably, 38% of shoppers took advantage of early holiday sales and promotions, with free shipping, limited-time offers, and positive reviews cited as key motivators.
A Promising Holiday Season Ahead
NRF forecasts predict overall holiday sales for November and December will grow by 2.5% to 3.5%, reaching between $979.5 billion and $989 billion.
“Whether driven by tradition, unbeatable deals, or the joy of shopping with friends and family, consumers continue to embrace Thanksgiving weekend as a hallmark of the holiday season,” said Phil Rist, executive vice president of strategy at Prosper Analytics.