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US Holiday Weekend Spending Falls
Dec 2, 2020 8:48 AM
By Rapaport News
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RAPAPORT... The average spend over the five-day Thanksgiving weekend dropped 14% as consumers shied away from in-store shopping, according to a survey by the National Retail Federation (NRF) and Prosper Analytics.
Shoppers spent an average of $312 on holiday-related purchases between Thanksgiving and Cyber Monday, compared to $362 for the same period last year, the NRF said Tuesday. However, the figure is comparable to 2018’s average layout of $313. While the number of online buyers grew 44% year on year during the five days, in-store traffic dropped 55% on Thanksgiving Day, and 37% on Black Friday, the NRF noted. Meanwhile, a total of 186.4 million consumers bought both in-store and online over the Thanksgiving period — down 1.7%.
The earlier start to the holiday season also affected total spending, as many retailers began sales in October in an effort to avoid in-store congestion on popular shopping days. Some 52% of those surveyed said they took advantage of early holiday sales and promotions this year, while 38% of those made their holiday purchases the week prior to Thanksgiving.
Clothing was the top gift choice over the holiday weekend, selected by 52% of respondents, while 32% bought toys, 29% shelled out for books, music, movies and video games, and 29% opted for gift cards. Department stores were the most popular places to buy gifts, with 40% of respondents selecting that option. Just over one-third shopped at grocery stores, while another third bought from clothing stores and 31% visited electronics shops.
Total sales for the November-to-December holiday period will increase between 3.6% and 5.2% year on year, for a total ranging from $755.3 billion to $766.7 billion, the NRF predicted.
The NRF surveyed 6,615 adult consumers from November 25 to 30.
Image: Two women shopping for the holiday season. (Shutterstock)
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Tags:
black friday, cyber monday, National Retail Federation, NRF, Prosper Analytics, Rapaport News
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