The five-day shopping spree that runs from Thanksgiving Day to Cyber Monday kicked off with a bang on Thanksgiving, with U.S. consumers spending $5.6 billion online, an increase of 5.5% from last year, according to Adobe Analytics.
An estimated 182 million people were expected to participate in the five-day event, with Black Friday predicted to be the busiest day of them all, according to a survey by the National Retail Federation (NRF) and Prosper Insights and Analytics.
The survey of 8,424 adult consumers conducted from November 1 to November 6 revealed that about 72% planned to shop on Black Friday this year, up from 69% in 2022; this equates to about 130.7 million Black Friday shoppers, up from 114.9 million in 2022.
“The Thanksgiving holiday weekend marks some of the busiest shopping days of the year, as consumers enjoy the tradition of shopping for the perfect gifts for friends and loved ones,” NRF President and CEO Matthew Shay said in a statement. “Retailers have been preparing for months for this occasion. They are stocked and ready to help customers find the gifts and other items they want at great prices during the entire holiday season.”
Online shopping is expected to see growth of between 7% and 9% from 2022’s holiday season, and total $273.7 billion to $278.8 billion, the NRF said. Sales on Black Friday alone are expected to grow 5.7% and top $9.6 billion, according to Adobe Analytics.
“Consumers remain in the driver’s seat, and are resilient despite headwinds of inflation, higher gas prices, stringent credit conditions and elevated interest rates,” NRF Chief Economist Jack Kleinhenz said in a statement. “We expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace. Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars.”
Are you ready to find deals?
If you’ll be participating in the five-day shopping event, you’ll want to keep an eye on Kiplinger’s Deals page.
Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
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