Deals to Drive 8M More Consumers to Shop on Thanksgiving Weekend: NRF
Some 166.3 million consumers are expected to shop from Thanksgiving Day through Cyber Monday, almost 8 million more than the 2021 period, said the National Retail Federation Thursday. Noting speculation about inflation’s impact on consumer spending, NRF CEO Matthew Shay…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
said the Thanksgiving weekend will see “robust store traffic with a record number of shoppers taking advantage of value pricing.” NRF is optimistic that retail sales “will remain strong in the weeks ahead, and retailers are ready to meet consumers however they want to shop with great products at prices they want to pay.” An NRF-Prosper Insights survey showed 69% of holiday shoppers plan to shop over the five-day span because deals are too good to pass up (59%), tradition (27%) or because it’s something to do over the holiday (22%). Black Friday remains the most popular day to shop (69%), followed by 38% on Cyber Monday. Two-thirds of the Black Friday shoppers expect to go to stores, up from 64% last year, it said. Six in 10 respondents had started browsing and buying for the holidays by early November, it said. Some 18% of respondents in the survey of 7,719 adult consumers fielded Nov. 1-8 had completed at least half of their holiday shopping. The top five gift categories are clothing (55%); gift cards (45%); toys (37%); books, movies, music and video games (33%); and food/candy (31%), it said. Total spending on gift cards is expected to reach $28.6 billion, up $500 million from a year ago; consumers plan to spend an average $51.47 per card for three or four cards. NRF forecasts holiday sales will grow 6%-8% vs. 2021 to $942.6 billion-$960.4 billion.