WASHINGTON–(BUSINESS WIRE)–The biggest shopping weekend of the year is right around the corner and 69 percent of Americans — an estimated 164 million people — are planning to shop or considering shopping during Thanksgiving weekend, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics.
For the first time in survey history, the numbers include Cyber Monday in addition to Thanksgiving Day, Black Friday, Small Business Saturday and Sunday.
@nrfnews forecast Black Friday busiest day for all retailers
“This year, we updated our survey to more accurately capture consumer behavior throughout the entire shopping weekend — Thanksgiving Day through Cyber Monday,” NRF President and CEO Matthew Shay said. “Consumers will benefit from competitive promotions both in stores and online lasting the course of the weekend, allowing them to find the best gifts at the lowest prices.”
Of those considering shopping the long holiday weekend, the survey found that 20 percent plan to shop on Thanksgiving Day (32 million) but Black Friday will remain the busiest day with 70 percent planning to shop then (115 million). A substantial 43 percent are expected to shop on Saturday (71 million), with 76 percent saying they will do so specifically to support Small Business Saturday. On Sunday, 21 percent expect to shop (35 million) and 48 percent are expected to shop on Cyber Monday (78 million).
Of those shopping, 66 percent said they’re doing so to take advantage of deals and promotions retailers will offer, while 26 percent cited the tradition of shopping over Thanksgiving weekend and 23 percent said it’s something to do over the holiday weekend. Another 23 percent said it is when they start their holiday shopping.
According to the survey, 56 percent of Americans have already started their holiday shopping, but most still have a long way to go. Only 12 percent of consumers have completed at least half of their shopping, while only 2 percent have finished all of their holiday shopping.
When asked what they enjoy the most about shopping during the holidays, 35 percent said it is a family tradition while 23 percent said they most enjoy holiday decorations and displays; 18 percent cited finding the perfect gift for someone.
“While the utility of the weekend will continue to draw shoppers into stores and online to efficiently and inexpensively check off their lists, we’re also seeing consumers report tradition and the opportunity to partake in holiday cheer as reasons for shopping, too,” Prosper Principal Analyst Pam Goodfellow said. “By now, people know what sort of deals they can expect to see during the weekend and are budgeting for them accordingly, and in many cases expertly.”
“For Gen Z, the holiday shopping weekend is a can’t-miss opportunity,” Goodfellow said. “This group overwhelmingly sees in-store shopping as a valuable way to connect with others, be it friends, family or store associates at their favorite retailers.”
While many consumers will take advantage of deals over Thanksgiving weekend, 31 percent will refrain from shopping that weekend. Of those not planning to participate, 52 percent won’t shop because they do not enjoy the experience and 51 percent say they never shop during Thanksgiving weekend. Of those not shopping, 46 percent said nothing would change their mind but 27 percent said a good sale or discount on an item they want could get them to shop.
The survey, which asked 7,439 consumers about their shopping plans, was conducted October 31-November 7 and has a margin of error of plus or minus 1.2 percentage points.
Full data results surrounding the survey will not be published on NRF.com. News media and analysts who require additional information can contact firstname.lastname@example.org. Due to the changes in the survey, no historical data will be provided.
NRF Thanksgiving Weekend and Cyber Monday Results and Weekend Contact Information
To more accurately capture the entirety of spending on Thanksgiving weekend, NRF this year will release spending data on November 28, the day after Cyber Monday. Doing so will allow NRF to provide a more accurate picture of consumer activity over the entire weekend and incorporate Cyber Monday data into the results. As consumer behavior evolves, NRF will continue to focus its efforts on providing the most relevant, accurate and insightful analysis of its impact on the retail industry.
Additionally, NRF will host a media call with Shay at 1 p.m. November 28. An advisory will be sent to retail, trade and business media in the coming days. The call will discuss what time people started shopping on Thanksgiving Day and Black Friday, how many people shopped for Small Business Saturday, the percentage of those shopping online over the weekend and final results for Cyber Monday.
NRF offices will be closed on Thanksgiving Day and Black Friday, but members of the media relations team will be available from 9 a.m. until 5 p.m. on Black Friday. To request a print or broadcast interview, contact Ana Serafin Smith at email@example.com or 855-NRF-PRESS.
About Prosper Insights & Analytics
Prosper Insights & Analytics is a global leader in consumer intent data serving the financial services, marketing technology, and retail industries. We provide global authoritative market information on US and China consumers via curated insights and analytics. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper helps companies accurately predict consumers’ future behavior to help identify market behaviors, optimize marketing efforts, and improve the effectiveness of demand generation campaigns. www.ProsperInsights.com
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private-sector employer, supporting one in four U.S. jobs — 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.