US Thanksgiving weekend, Cyber Monday set new records

ISTANBUL

A record number of Americans shopped during Thanksgiving weekend, while the volume of online sales during Cyber Monday hit an all-time high, despite US inflation hovering around its highest level in four decades.

A total of 196.7 million consumers shopped in stores and online during the five-day shopping spree from Thanksgiving Day through Cyber Monday, Nov. 24 - 28, according to a survey by National Retail Federation (NRF) and Prosper Insights & Analytics.

The figure is a gain of approximately 17 million shoppers from last year and it beat the organizations' estimate of 166.3 million made before Thanksgiving weekend.

"It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historic growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday. It is consumer demand that is driving growth," NRF President and CEO Matthew Shay said in a statement.

"As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible. Retailers have responded accordingly, offering shoppers a season of buying convenience, matching sales and promotions across online and in-store channels to accommodate their customers at each interaction," he added.

77% shop to support small businesses on Saturday

More than 122.7 million consumers visited brick-and-mortar stores during Thanksgiving weekend -- up 17% from 2021, while 130.2 million shoppers turned to online retailers, a 2% increase from last year, said NRF.

Black Friday continued to be the most popular day for in-store shopping with 72.9 million people, an increase of 6.4 million from 66.5 million recorded in 2021.

Small Business Saturday, which supports local businesses, saw 63.4 million in-store shoppers, up 12.4 million from 51 million last year, while 77% of consumers said they shopped specifically to support their local communities, according to the survey.

Black Friday was again the most popular day for online shopping with 87.2 million Americans preferring online retail.

Cyber Monday breaks records

This was followed by a record 77 million consumers opting for online shopping on Cyber Monday, while a record 59% of Americans used mobile devices on that day, up from 52% in 2021.

Cyber Monday online sales totaled $11.3 billion, according to e-commerce activity tracker Adobe Analytics. The figure is a 5.8% gain from last year when e-retail was $10.7 billion.

While Thanksgiving Day posted $5.29 billion in online sales, Black Friday saw $9.12 billion in online commerce.

Adobe Analytics estimates $210 billion will be spent online during the two months of the holiday season from Nov. 1 through Dec. 31, while consumers using mobile devices have accounted for 44% of total sales so far in this holiday period.