Thanksgiving weekend shopping will likely set record

A record-setting 183.4 million consumers are planning to shop in-sore and online from Thanksgiving Day through Cyber Monday. The predicted figure is up from the previous record of 182 million in 2023 and 18.1 million from 2019.

The sales activity projection comes from an annual survey conducted by the National Retail Federation and Prosper Insights & Analytics.

“Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said in a press release on the findings. “Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”

The top reasons consumers plan to shop during this five-day period are because the deals are too good to pass up (57%), it is tradition (28%) and they like to start holiday shopping over Thanksgiving weekend (24%).

Black Friday remains the most popular day to shop, with 72% (131.7 million) planning to head out to stores or shop online. About two-thirds (65%) of Black Friday shoppers expect to specifically shop in stores that day. Cyber Monday is the second most popular day, attracting 39% (72.3 million) of those planning to shop.

“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said in the release. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”

The survey polled 8,135 adult consumers about their holiday shopping plans.

In mid October, the NRF forecast for retail sales during the November-December holiday season predicted an increase between 2.5% and 3.5% over 2023 to a total of between $979.5 billion and $989 billion.