The National Retail Federation (NRF) suggests a record 183.4m US consumers will shop in-store and online from Thanksgiving Day through to Cyber Monday in 2024.

The NRF’s Thanksgiving weekend prediction is based on its annual survey which was published with Prosper Insights & Analytics and shows the figure is up from the previous record of 182m in 2023 and 18.1m people more than five years ago in 2019.

The survey, which was conducted between 1 and 7 November on 8,135 adult consumers about their holiday shopping plans revealed the top reasons consumers plan to shop during this five-day period are: 

• Deals are too good to pass up (57%)

• It is tradition (28%) 

• Consumers like to start holiday shopping over Thanksgiving weekend (24%).

The survey points out that while consumers will spread their shopping across channels throughout the five-day holiday weekend, Black Friday remains the most popular day to shop, with 72% (131.7m) planning to head out to stores or shop online. 

About two-thirds (65%) of Black Friday shoppers expect to specifically shop in stores that day. Cyber Monday is the second most popular day, attracting 39% (72.3m) of those planning to shop.

NRF predicts a record number of shoppers will take advantage of Thanksgiving weekend 

Credit: NRF

NRF vice president of industry and consumer insights Katherine Cullen said: “Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend.” 

She added: “Consumers are prioritising 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 trend of early holiday shopping is said to be continuing with over half (58%) of consumers having already started their holiday shopping as of early November. On average, holiday shoppers have completed one-quarter (25%) of their planned purchases.

Prosper Insights & Analytics executive vice president of strategy Phil Rist highlighted that younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend. 

He explained: “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”

Of those who are not currently planning to shop during the holiday weekend, half (51%) said they could be convinced to do so if items they want are on sale, if they are offered free shipping or if friends or family members invite them.

Earlier this year, NRF forecast that holiday spending is expected to reach record levels during November and December and will grow between 2.5% and 3.5%, totalling $979.5bn to $989bn.

 By Just Style