The kickoff to the holiday shopping season has given retailers plenty to fa-la-la about: The National Retail Federation reports that 189.6 million people shopped over the Thanksgiving holiday weekend, up 14% from last year. And between in-store and online shopping, spending increased 16%, with an average of $361.90, up from $313.29 last year.
It’s not bigger than Black Friday, not yet at least, but we’re heading that way, with that day’s retail foot traffic declining as people go online for deals. Sales could hit $3 billion today.
Sales rise 8.5%, a healthy rate though down from last year’s 20.6% gain. People may be holding out for better deals as Cyber Week continues. Retailers are offering longer promotion periods, and shoppers want to make sure they get the best deals rather than just diving into a Cyber Monday purchase.
Online retail sales on the Monday after Thanksgiving could top $1 billion, making it bigger than any single shopping day last year.