The Thanksgiving weekend marked a strong start to the holiday shopping season, with 197 million consumers flocking to stores and online platforms to take advantage of Black Friday and Cyber Monday sales, according to the National Retail Federation (NRF). While foot traffic and online participation were slightly lower than last year’s record-breaking numbers, they still surpassed NRF’s initial expectations, underscoring the resilience of consumer spending.
Shoppers’ Behavior and Spending Trends
Over the five-day shopping period, which spans Thanksgiving Day through Cyber Monday, nearly 126 million people visited brick-and-mortar stores, while 124 million shopped online. In a sign of growing consumer confidence, total spending during this window showed an increase of 3.4% compared to 2023. While online spending saw a significant 15% increase on Black Friday, in-store sales experienced a modest uptick of 0.7%, signaling that physical stores continue to hold appeal despite the rise of e-commerce.
Black Friday emerged as the dominant day for shopping across both channels, with many consumers taking advantage of early discounts. This shift to earlier promotions has been a key feature of recent holiday shopping patterns, as retailers aim to extend the sales window and mitigate the impact of inflation on consumer behavior.
A Shift Toward Digital Shopping, Yet In-Store Traffic Still Strong
While the number of online shoppers edged close to the number of in-store visitors, the total volume of online sales is growing at a faster rate. Mastercard SpendingPulse reports a surge in online purchases, with Black Friday driving the highest digital sales figures of the weekend. This marks a continued trend toward digital commerce, although many consumers still prefer the tactile experience of shopping in physical stores, particularly for the immediate gratification of in-store discounts.
The hybrid nature of the shopping weekend—spanning both physical and digital spaces—suggests that retailers’ omnichannel strategies, blending in-store experiences with robust online offerings, are resonating with consumers. For many, the convenience of browsing online is balanced with the excitement and immediacy of in-person shopping.
Consumer Confidence Amid Economic Pressures
Despite economic challenges, including inflation and rising interest rates, consumers appear to be undeterred in their spending. Many shoppers have turned to early sales events, such as Black Friday, to secure deals ahead of the holiday season. NRF projections indicate that consumers are continuing to prioritize holiday shopping, even as they seek out discounts and deals to stretch their budgets.
Overall, the Thanksgiving weekend performance provides an optimistic outlook for retailers heading into the final weeks of the year. Shoppers have demonstrated their readiness to spend, particularly when faced with value-oriented offers, and the trend of omnichannel shopping shows no signs of slowing down.
References:
- National Retail Federation (NRF)
- Mastercard SpendingPulse
- U.S. Retail Shopping Trends Analysis
