NRF: Thanksgiving Weekend Shoppers Decline YoY
About 197 million Americans shopped over the five days from Thanksgiving through Cyber Monday this year, data from the National Retail Federation (NRF) showed on Tuesday. The number of shoppers exceeded the retail trade association's forecast of 183.4 million, but was still lower than the 200 million shoppers in 2023. During the long weekend, consumers on average spent $235, or $8 more than 2023, with top gifts purchases being apparel and accessories, followed by toys as well as personal care, the NRF report showed. Black Friday was the most popular day during the Thanksgiving weekend with about 81.7 million consumers shopping in stores and about 87.3 million shopping online.
Total Retail's Take: The sales and shopper data emerging from the holiday weekend has been a bit of a mixed bag. On the positive side, e-commerce sales, particularly via mobile devices, have broken records and exceeded expectations. This isn't a big surprise considering consumers increasing penchant for going to their screens first to complete their holiday shopping lists. However, as we get closer to the gift-giving holidays, expect to see more consumers opt for in-store visits to ensure they get their gifts on time — and not have to sweat out shipping deadlines (particularly as inclement weather becomes a factor for carriers). On the negative or at least worrisome side is a decline in foot traffic at brick-and-mortar store locations. This metric will be key to watch as retailers report holiday sales data. Furthermore, given this year's compressed holiday shopping season — there are only 26 days between Thanksgiving and Christmas this year — the NRF is warning that holiday sales growth will decline YoY (3.5 percent in 2024 vs. 3.9 percent in 2023). In fact, this would mark the slowest pace in six years. Yet it's not time for retailers to panic. Strong e-commerce sales to start the season indicates a consumer willing to spend; expect to see that spend shift in-store as the month goes on.
