From Thanksgiving Day through Cyber Monday, more than 165 million Americans shopped either in stores or online, according to the National Retail Federation (NRF) and Prosper Insights & Analytics. This surpassed the 164 million who said they would shop in a consumer sentiment survey conducted ahead of the holiday.
The average shopper spent $313.29 on gifts and other holiday items over the five-day period. Of that, shoppers spent 69 percent specifically on gifts. Older millennials and Gen Xers (35-44 years old) were the biggest spenders at $413.05. Gen Zers and younger millennials (aged 18-24) spent an average of $149 on holiday purchases for themselves, more than any other generation.
The survey found more than 89 million people shopped both online and in stores, up nearly 40 percent from last year. The multichannel shoppers outspent the single-channel shoppers by up to $93 on average.
Spending estimates from various groups indicate that Thanksgiving weekend was record-breaking for the retail industry, consistent with NRF’s holiday forecast of up to a 4.8 percent increase in holiday spending over the months of November and December.
34 percent of surveyed buyers specifically purchased toys over the weekend.
The most popular day to shop online was Cyber Monday, cited by 67.4 million shoppers, followed by Black Friday with 65.2 million shoppers. The most popular day for in-store shopping was Black Friday with more than 67 million shoppers, followed by Small Business Saturday with 47.4 million shoppers. Also, 66 percent of smartphone owners used their mobile devices to make holiday decisions, up from 63 percent last year.
With more shopping days before Christmas this year, consumers are taking their time to finalize their holiday gift purchases. On average, consumers have more than half (56 percent) of their holiday shopping left to do. Many consumers (92 percent) believe that the strong deals seen over Thanksgiving weekend will continue or improve throughout the rest of the season.