Dive Brief:
- Surpassing expectations, a “record number” of 200.4 million shoppers made purchases between Thanksgiving Day and Cyber Monday, according to the National Retail Federation and Prosper Insights and Analytics. That figure exceeds last year’s total of 196.7 million and the NRF’s 2023 prediction of 182 million.
- During that weekend, the number of online shoppers rose from 130.2 million last year to 134.2 million this year. However, in-store shoppers saw a slight decline from 122.7 million in 2022 to 121.4 million this year, according to the analysis.
- On average, shoppers spent $321.41 on holiday-related items during the Thanksgiving weekend. Clothing and accessories were the top gift category at 49%, followed by toys (31%), gift cards (25%), books and other media (23%) and personal care or beauty products (23%), per the report.
Dive Insight:
The NRF’s findings indicate an ongoing shift in holiday spending patterns. About 90.6 million shoppers bought their holiday goods online on Black Friday, an increase from 87.2 million the previous year. However, fewer consumers shopped on Cyber Monday this year, dropping from 77 million in 2022 to 73 million this year, according to the NRF.
Black Friday began attracting more online shoppers than Cyber Monday in 2019, the report said.
“The five-day period between Thanksgiving and Cyber Monday represents some of the busiest shopping days of the year and reflects the continued resilience of consumers and strength of the economy,” NRF President and CEO Matthew Shay said in a statement. “Shoppers exceeded our expectations with a robust turnout. Retailers large and small were prepared to deliver safe, convenient and affordable shopping experiences with the products and services consumers needed, and at great prices.”
Though shoppers spent more than $300 over the Thanksgiving weekend, the NRF predicts that consumers will continue to spend more this holiday season. In November, the trade organization projected that shoppers will spend $875 on gifts, food, decor and other seasonal products.
Plus, the NRF also forecast a rise in e-commerce sales this year. In November, the NRF said it predicted online and non-store sales will grow between 7% and 9% to $273.7 billion and $278.8 billion, respectively.
Adobe Analytics research shows that Thanksgiving weekend has driven online sales growth. Adobe analysis found that consumers spent $12.4 billion on Cyber Monday, up 9.6% from a year prior. From Thanksgiving to Cyber Monday, consumers also drove a 7.8% increase in online sales to $38 billion, Adobe found.
Despite early holiday sales figures, some industry analysts anticipate more modest growth. TD Cowen reduced its guidance to reflect that holiday spending may only increase between 2% and 3%, down from its previous projection of 4% to 5%.
