WASHINGTON — The Thanksgiving shopping weekend is expected to break records, with an estimated 186.9 million consumers planning to shop from Thanksgiving Day through Cyber Monday. The forecast comes from a new consumer survey released by the National Retail Federation and Prosper Insights & Analytics. The figure exceeds last year’s record of 183.4 million and highlights the significance of this five-day period during the holiday season.
Katherine Cullen, NRF vice president of industry and consumer insights, said retailers are ready for the surge.
“The holidays are an important part of many consumers’ budgets, and that trend is especially true this season,” Cullen said. “As a record number of shoppers are expected this Thanksgiving weekend, retailers are prepared to meet the needs of consumers with great value and convenience.”
Black Friday Leads the Weekend
Black Friday remains the top shopping day, with 70 percent of consumers, or about 130.4 million people, planning to take advantage of deals. Cyber Monday ranks second, with 73.9 million expected to shop online.
Small Business Saturday remains a key event. Of the 67 million consumers planning to shop that day, 80 percent want to support local businesses.
“Many Americans consider shopping to be an important part of their Thanksgiving holiday and one of the best ways to get deals on gifts,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “Of those planning to take advantage of sales, over half say it’s because the deals are too good to pass up. Others point to the tradition or simply say they like to start their holiday shopping during the long weekend.”
Consumers Shop Early and Stay Focused on Value
As of early November, 58 percent of consumers had already begun their holiday shopping, matching recent-year trends. On average, shoppers reported completing approximately 26 percent of their planned purchases.
Clothing and accessories are still the most popular gift categories, followed by gift cards and toys. Online search remains the main source of inspiration.
Gift card spending is projected to hit $29.1 billion, slightly more than last year. Consumers plan to purchase three to four gift cards and spend an average of $171.32 each. Restaurants remain the most popular gift card type, followed by bank-issued cards, department stores, and coffee shops.
How Consumers Will Pay and Give Back
Debit cards remain the most popular way to pay for holiday gifts, at 44 percent, followed by credit cards at 37 percent. Fifty-nine percent of consumers expect to use digital wallets or apps.
Two-thirds of consumers plan to participate in charitable activities during the season. The most common ways of giving include making financial donations, donating items, and shopping at retailers that support social causes.
Holiday Sales Expected to Top One Trillion Dollars
Earlier this month, NRF forecast that holiday spending would surpass $1 trillion for the first time. Sales during November and December are expected to increase between 3.7 percent and 4.2 percent over last year, reaching between $1.01 trillion and $1.02 trillion.
Thorvardur de Shong
The survey of 8,000 adults was conducted from October 31 to November 6 and has a margin of error of plus or minus 1.1 percentage points.
