US Thanksgiving Weekend Sales Hit Record on Big Discounts, Online Boost
New York, NY – November 29, 2023 – Shoppers across the United States unleashed their buying power over the Thanksgiving weekend, spending a record $38 billion online, driven by deep discounts and the convenience of online shopping.
Key Highlights:
Online consumer spending jumped 7.8% during Cyber Week, surpassing initial expectations.
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More than 200 million shoppers made purchases both in-store and online during the Thanksgiving weekend.
On average, consumers spent $321.41 on holiday-related purchases.
Discounts as steep as 31% on electronics and 27% on toys enticed consumers to make purchases.
Buy Now, Pay Later (BNPL) services saw a surge in usage, with a record $940 million spent through BNPL on Cyber Monday.
Exclusive Insights:
Retailers are expecting consumers to continue shopping for Christmas presents, with discounts deepening significantly in the next week or two.
Consumers are becoming more price-conscious this season, with retailers offering blockbuster deals to attract bargain-hunters.
The ease of making last-minute purchases from the comfort of people's homes has given online sales an edge over in-store shopping.
The absence of a "one blow-out gift" this year has benefited Amazon, as consumers are shopping for a wider variety of items.
Overall Outlook:
Despite economic uncertainty, the strong showing during the Thanksgiving weekend bodes well for the rest of the holiday shopping season. With Christmas on a Monday this year, shopper traffic levels are expected to be stronger than in 2022. Retailers are optimistic that consumers will continue to spend, but they will need to keep offering attractive deals to entice shoppers.
Additional Notes:
Salesforce data showed that U.S. shoppers spent about $70.8 billion online during the Thanksgiving weekend this year.
Payments firm Block noted that BNPL transactions through Afterpay surged 19% over the weekend.
Klarna also said it saw a 29% increase in orders placed by U.S. shoppers on Black Friday.
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