As Thanksgiving festivities wind down, the focus shifts to shopping, with Black Friday marking the start of the holiday season. However, the traditional rush of long lines and crowded stores is evolving, largely due to the rise of online shopping.
The shift also comes from sales starting earlier, with some experts dubbing it “Black November” because of deals available throughout the month.
Despite these changes, a record 183.4 million people are expected to shop online or in-store through Cyber Monday, according to the National Retail Federation. Black Friday remains the most popular shopping day.
“Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”
The NRF estimates that holiday spending could reach $989 billion this year, driven significantly by online sales. Online and other non-store sales are projected to increase between 8% and 9%.
Americans plan to spend an average of $902 each on winter holiday shopping, including gifts, decorations, food and other seasonal items. This figure is $25 higher than last year, with nearly $650 allocated for gifts.
However, inflation is impacting shopping habits. A Bankrate survey found that 33% of holiday shoppers plan to spend less this year, and 34% say inflation will alter their shopping strategies.
“It seems that holiday shoppers will be more frugal this year, as multiple years of high inflation and high interest rates have taken a considerable toll,” said Ted Rossman, Bankrate senior analyst.
Despite this, 24% of shoppers intend to shop more than last year.
Many are concerned about the financial strain of holiday shopping. The same Bankrate survey found that 28% of holiday shoppers feel stressed about the cost and say it will strain their budget.
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