A customer searches for shoe products at a Macy’s store during the Black Friday sale on November 25, 2022 in Jersey City, New Jersey.
Kenna Bettencourt | Getty Images
A record number of holiday shoppers — 196.7 million — turned out from Thanksgiving Day to Cyber Monday, as they head back into stores and hunt down deals, according to the National Retail Federation, which tracks in-person and online shopping figures. Is.
The industry group said Tuesday that figure topped a turnout of 179 million during last year’s holiday weekend. The NRF, which began tracking the figure in 2017, estimated turnout this year at 166.3 million.
The group did not estimate spending over the weekend, but said sales are on track to meet its projections.Holiday sales up 6% to 8% from a year ago, Some of that increase will come from inflation.
Adobe Analytics data showed online spending reached record highs on key days during the holiday shopping weekend. Black Friday sales reached $9.12 billion and Cyber Monday sales reached $11.3 billion, according to the company, which tracks sales on retailers’ websites.
But the higher sales total and larger turnout of holiday shoppers could be the result of a variety of factors. This may indicate that consumers are willing to make a purchase – but only if the items are heavily discounted. It could also signal a return to the pre-pandemic timetable of holiday shopping, with people focusing on buying gifts around Black Friday and in the final sprint before Christmas Day.
Or it could portend a more challenging 2023. If Americans are funding a shopping spree by slashing savings rates and matching large balances on credit cards or through ‘buy now pay later’ means, this could leave them with less to spend in the coming months. Amount can be received.
Retailers have taken a more cautious holiday approach. walmart has talked about customers giving up on discretionary items and trading down to cheaper proteins like hot dogs and peanut butter. target cut its forecast for the holiday quarter. And best Buy said that during the sale events, there has been more buying interest of the customers.
This story is developing. Please check back for updates.