“A record 186.9 million people are planning to shop from Thanksgiving Day through Cyber Monday this year,” the National Retail Federation (NRF) predicts, citing a consumer survey released by the organization. The number is up more than 3 million shoppers from last year’s record amount.
“The holidays are an important part of many consumers’ budgets, and that trend is especially true this season,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “As a record number of shoppers are expected this Thanksgiving weekend, retailers are prepared to meet the needs of consumers with great value and convenience.”
According to the NRF, Black Friday will be the most popular day to shop (70% of shoppers), while Cyber Monday is the second most popular day (40% of shoppers). Of the 36% of potential Saturday shoppers, 80% say they are considering shopping to support local businesses on Small Business Saturday.
“Many Americans consider shopping to be an important part of their Thanksgiving holiday and one of the best ways to get deals on gifts,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “Of those planning to take advantage of sales, over half say it’s because the deals are too good to pass up. Others point to the tradition or simply say they like to start their holiday shopping during the long weekend.”
The Thanksgiving holiday weekend leads into what the NRF is calling a robust holiday season. The organization forecasts holiday sales will grow between 3.7% and 4.2% above last year’s holiday season and will exceed $1 trillion in sales for the first time.
“This is an above-trend forecast that reflects a consumer who has prioritized spending on their loved ones. All of the event-driven spending we’ve seen this year—Valentine’s Day, Mother’s Day, Father’s Day, back-to-school and Halloween—has been at or near record levels,” NRF said in a press release.
Of the increase in sales, NRF expects online and other non-store sales to increase 8% to 9%, totaling $312.2 billion to $315 billion—up from $289 billion last year. However, the organization noted that “every year it gets harder to differentiate between online, in-store and everything in-between.”
On the hiring side of things, retailers are expected to hire between 265,000 and 365,000 seasonal workers, possibly the lowest level in over 15 years, reflecting a softening economy and slower labor market.