Black Friday and Cyber Monday 2023 Break Records: Over 200 Million Shoppers Flock In-Store and Online: A record 200.4 million consumers shopped in shops and online for gifts from Thanksgiving Day through Cyber Monday, marking a brisk start to the holiday shopping season, according to a survey by the National Retail Federation.
The turnout marked an all-time high since the major trade association and Prosper Insights & Analytics started tracking in-store and online visitation in 2017. It was more than the 182 million people predicted by the National Retail Federation for the five-day weekend and the previous year’s total of 196.7 million customers.
Compared to last year, when 130.2 million individuals shopped online, this year’s figure is 134.2 million, according to the NRF poll. Compared to 122.7 million in 2022, 121.4 million consumers shopped at retailers this year, a little decrease.
Despite failing to provide a total expenditure estimate, the major trade group did report that consumers spent $321.41 on holiday-related items over the weekend. That is similar to the average of $325.44 from the previous year. Not even inflation has been factored into the figure.
“Speaks to the way consumers are feeling, but also the deals that were out there,” NRF CEO Matt Shay told reporters on a conference call. The weather, among other things, he argued, was a boon to merchants.
Many areas of the country saw cooler weather this past weekend, prompting many to shop for jackets, sweaters, and boots, among other seasonal things.
About half of the people polled bought clothing and accessories at that time and about a third bought toys. According to the group, personal care and beauty products made history by breaking into the top five most popular gift categories.
According to the statistics, customers reported being almost halfway through their holiday shopping as of Thanksgiving weekend. From November 22nd to the 26th, NRF surveyed 3,498 adult consumers.
Black Friday and Cyber Monday Witness Significant E-commerce Spending
Online sales were strong, according to another early estimate of holiday spending. Adobe reports that online sales in the United States reached $9.8 billion on Black Friday, a 7.5% increase from the previous year.
Online sales in the United States reached $12.4 billion on Cyber Monday, a 9.6 percent increase from the previous year.
Adobe’s data include 18 distinct product categories, 100 million unique items, and over 1 trillion visits to U.S. retail websites. Most Americans still spend their holiday money in brick-and-mortar stores, which it does not account for.
However, the future of the peak shopping season cannot be predicted at this time. Shoppers’ appetite for bargains, rather than their drive to spend, may explain the strength of early shopping.
Additionally, it may indicate a return to the holiday buying habits of before the pandemic, when consumers tended to spend more during peak periods such as Black Friday and the days leading up to Christmas.
Earlier this month, retailers reported their earnings and were wary about the season. Companies like Walmart claim that consumers’ discretionary spending is still low but has increased during sales events.
According to the National Retail Federation, holiday sales in November and December are projected to increase by 3% to 4% yearly, reaching $957.3 billion to $966.6 billion. That’s slower growth than the pandemic but on par with pre-CoV typical sales gains.
In light of comparisons with the purchasing boom caused by the epidemic, NRF’s Shay predicted that holiday sales this year may appear modest, if not disappointing.
It’s undeniable that consumption has slowed down and been more moderate compared to the past 36 months, he stated. According to Shay, the stimulus cheques would be eliminated, and increased spending on services would be reinstated.
His point was that “there’s a difference between moderation and bleak” when it came to sales.