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Retailers cash in big over Thanksgiving weekend

Hollywood, MD- For some Americans, Black Friday shopping is a bigger tradition than turkey and pumpkin pie on Thanksgiving. And once again, consumers cashed in on big sales—with 174 million Americans shopping between Thanksgiving and Cyber Monday.

The National Retail Federation (NRF) said the average American spent $335.47 over the five-day period. Among the biggest spenders—millennials (ages 25-34) with an average of $419.52.

“All the fundamentals were in place for consumers to take advantage of incredible deals and promotions retailers had to offer,” NRF President and CEO Matthew Shay said. “From good weather across the country to low unemployment and strong consumer confidence, the climate was right, literally and figuratively, for consumers to tackle their holiday shopping lists online and in stores.”

It was also quite clear this weekend than many shoppers stayed home instead of braving the crowds. One third of weekend shoppers only made online purchases, while 40 percent of consumers shopped both in-store and online. Despite the increase of online traffic, there was still plenty of foot traffic in malls and stores over the weekend with 115 million Americas opting to shop in person.

The NRF reports spending was up about 16 percent this Thanksgiving weekend compared to 2016 and shoppers say the deals are what helped drive their spending.

Cyber Monday broke records this year, with $6.59 billion in sales--$1.59 million in purchases were made on Smartphones, boosting the online spending. That’s an increase of nearly 17 percent over Cyber Monday 2016.

So far during the month of November, Americans have spent $50 billion dollars in online purchases, with some predicting $100 billion in online sales by the end of the holiday season.

Contact Joy Shrum at j.shrum@thebaynet.com

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