Tally of US Shoppers Slipped During Thanksgiving Weekend
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Fewer Americans shopped during Thanksgiving weekend this year, a sign that consumers remain selective about spending.
An estimated 197 million people shopped from Thanksgiving to Cyber Monday, according an estimate from the National Retail Federation and Prosper Insights & Analytics. This year’s figure, which includes both in-store and online shoppers, is 1.7% lower than last year’s record of 200.4 million.
However, there were promising signs for brick-and-mortar retailers: An estimated 126 million shopped in-person throughout the weekend, 3.8% higher than last year. The tally of online shoppers declined 7.4% to 124.3 million. The NRF, which represents U.S. retailers, said the number of shoppers, while down from a year earlier, still surpassed its initial expectations.
“Consumers have become more thoughtful and deliberate in their spending patterns,” Matthew Shay, NRF’s CEO, said on a Dec. 3 call with reporters. They’re prioritizing gifts and holiday items this year and doing shopping in-person for the experience, he added.
Black Friday remains the most popular day for both in-store and online shopping. 81.7 million consumers shopped in stores on #blackfriday. #CYBERMONDAY remains the second most popular day for online shopping, attracting 64.4 million consumers. https://t.co/3XdOMxwWCH pic.twitter.com/lab8mW6SRC — National Retail Federation (@NRFnews) December 3, 2024
Thanksgiving weekend, which includes Black Friday and Cyber Monday, is one of the biggest shopping periods of the year for consumers. But years of high inflation and interest rates have made consumers choosy — they’re increasingly prioritizing essentials and only buying products on sale while delaying bigger purchases, including those that need financing.
In response, retailers are betting on deals and exclusive products. Best Buy Co. and Home Depot Inc. turned to doorbuster events with big, limited-time discounts. Target Corp. bet on Taylor Swift products and other items exclusive to the retailer, while Walmart Inc. offered more than double online discounts for Black Friday.
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Holiday shopping habits have shifted coming out of the pandemic, when consumers spent more on goods than services. That trend is now reverting back, while many consumers make holiday purchases earlier as they look for the best deals. Online shopping continues to rise, while in-store doorbusters have declined.
Walmart ranks No. 1 on the Transport Topics Top 100 list of the largest private carriers in North America. Home Depot ranks No. 50.
