Although most Americans say the economy is not where they want it to be, Black Friday numbers are telling a different story.
We’re getting a better look at the holiday weekend sales numbers -- both online and in-store -- and what they mean for retailers.
The data offers big clues for retailers about how consumers feel this holiday season and where they’re willing to spend.
Retailers have started to treat Black Friday less like a single day and more like a multi-day event. But the Thanksgiving weekend is still an important stretch for them, and by multiple surveys, it outpaced expectations with consumers hunting for deals.
The number of Thanksgiving weekend shoppers beat retailers’ expectations -- even with stores rolling out deals early.
“This weekend and this event continues to hold a strong place in consumers’ minds with sales starting earlier and earlier every year,” said Katherine Cullen, vice president of Industry and Consumer Insights for the National Retail Federation.
The NRF said that an estimated 197 million consumers shopped during the five-day period between Thanksgiving and Cyber Monday.
And Mastercard spending pulse saw Black Friday e-commerce sales up nearly 15% -- with consumers taking advantage of easier comparison shopping online.
“I think consumers are looking for value, they’re looking for options in terms of when they spend (and) what they spend on,” said Michelle Meyer, chief economist for the Mastercard Economics Institute.
Meyer said coming out of a stretch of elevated inflation, consumers want sales this holiday season, even as price hikes slow.
“Heading into this holiday season, throughout most of the year, we’ve been seeing slowing in inflation rates or even for some categories, outright price declines,” Meyer said. “So consumers are in the mindset of looking for promotions.”
Cullen said shoppers are spending with intention.
“They have a lot of money that they are budgeting, depending on their income level. It is a lot of money for each household for the season, and they want to make sure that they are spending their time and their resources effectively,” Cullen said.
Adobe Analytics also noted a boom in consumers using buy now, pay later plans, seeking more flexibility in their budgets without adding to credit card balances.
Adobe said BNPL usage hit an all-time high on Cyber Monday, with more than $991 million in those transactions.