Readers may have struggled to extract this edition of the Tooele Transcript Bulletin from their mailboxes. It’s stuffed full of Black Friday deals.
Once reserved exclusively for the day after Thanksgiving, some retailers now stretch out Black Friday through the month of November or at least through the following Monday, which has become known as Cyber Monday.
In the face of high inflation and talk of recession, a larger number of people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.
“While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing,” said Matthew Shay, NRF president and CEO. “We are 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.”
More than two-thirds, 69%, of holiday shoppers plan to shop during Thanksgiving weekend this year. The top reasons consumers plan to shop are because the deals are too good to pass up, 59%, because of tradition, 27%, or because it is something to do, 22%, over the holiday, according to the survey.
Black Friday remains the king of holiday shopping days with 69% of shoppers, 114.9 million, planning to shop on Black Friday followed by 38%, 63.9 million, will shop on Cyber Monday.
Similar to 2020 and 2021, this year, 60% of holiday shoppers had started browsing and buying for the season as of early November. This consumer trend of earlier shopping was accelerated by the pandemic. In 2019, 56% of holiday shoppers had started their shopping around this time.
“While consumers continue to save the bulk of their holiday shopping for later in November and December, some of that spending has shifted into October,” Prosper Executive Vice President of Strategy Phil Rist said. “This year, 18% of holiday shoppers have completed at least half of their holiday shopping. While this is on par with last year, it is up from only 11% a decade ago.”
NRF forecast earlier this month that holiday sales during November and December will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion.
Last year’s holiday sales grew 13.5% over 2020 and totaled $889.3 billion, shattering previous records.
Holiday retail sales have averaged an increase of 4.9% over the past 10 years, with pandemic spending in recent years accounting for considerable gains.