A record 186.9 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the latest consumer survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics. The figure surpasses the previous peak of 183.4 million recorded last year.
Early shopping remains a steady trend: as of early November, 58 per cent of consumers reported having already started their holiday buying. On average, shoppers have completed 26 per cent of their planned purchases.
Clothing and accessories are the most popular gifts (chosen by 50 per cent of consumers), followed by gift cards (43 per cent). Online search remains the key source of inspiration at 41 per cent, ahead of recommendations from friends and family (35 per cent) and displays inside physical stores (28 per cent).
Total spending on gift cards alone is projected to reach $29.1 billion, edging up from $28.6 billion last year. Consumers expect to buy between three and four gift cards, spending an average of $171.32 per person, NRF said in a release.
Although promotional offers will stretch across the full five-day period, Black Friday continues to dominate the season. Around 70 per cent, or 130.4 million shoppers, are expected to take advantage of Black Friday deals, followed by 40 per cent, or 73.9 million shoppers, who plan to buy online during Cyber Monday. Meanwhile, 67 million consumers are likely to shop on Saturday, with nearly 80 per cent of them doing so specifically to support local businesses as part of Small Business Saturday.
Payment habits show minimal change from past years, with debit cards continuing their five-year streak as the dominant method of payment at 44 per cent. Credit cards follow at 37 per cent and cash at 16 per cent. Digital wallets and mobile applications will be used by 59 per cent of shoppers, matching last year’s usage levels.
The survey was conducted among 8,000 adults between October 31 and November 06 with a margin of error of plus or minus 1.1 percentage points. Earlier in November, NRF forecast holiday spending in November and December to exceed $1 trillion for the first time, with sales expected to grow between 3.7 per cent and 4.2 per cent over 2024, reaching between $1.01 trillion and $1.02 trillion.
ALCHEMPro News Desk (HU)
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