New York (AFP) – US consumers turned out in force in stores and online over the Thanksgiving weekend, a key stretch in the holiday shopping season, a leading retailer group said Tuesday. A total of 197 million shoppers, about 59 percent of the US population, made purchases during a five-day stretch that includes Black Friday and Cyber Monday, according to figures from the National Retail Federation. That number is a bit below the record 2023 level of 200.4 million, but the second highest ever, reflecting the renewed desire to get out and about after the pandemic years, said NRF President Matthew Shay.
A total of 126 million people shopped in-store in 2024 compared with the 124.3 million who shopped online; the reverse was true in 2023. Shay said consumers are “more thoughtful and deliberate” about purchases after a painful stretch of inflation. But pricing dynamics have improved from a few years ago, with workers’ wages rising more quickly than inflation. “Consumers are overall in a good place,” according to Shay.
The NRF has warned that tariffs discussed by President-elect Donald Trump could cost Americans $78 billion in annual spending power. Shay said consumers have not so far adjusted their spending behavior in anticipation of tariffs but that the concern could impact sales as the season progresses. “Consumers are aware of the impact of tariffs and highly sensitive to the impact of pricing,” he said.
The NRF has projected holiday spending growth of between 2.5 and 3.5 percent in the 2024 season compared with the year-ago period, to as much as $989 billion over the two-month period. Other consumer data about the holiday period has also pointed to good sales. Adobe Analytics estimated sales on Cyber Monday at $13.3 billion, up 7.3 percent from the year-ago level and above Adobe’s projection. Over the same five-day stretch, sales were $41.1 billion, up 8.2 percent.
© 2024 AFP
