A record 166.3 million people plan to shop from Thanksgiving Day through the Monday after Thanksgiving this year, according to a new National Retail Federation survey.
That’s 8 million more people than last year — the highest estimate since the National Retail Federation began tracking this data in 2017.
“While there is much speculation about the impact of inflation on consumer behaviour, our data tells us that Thanksgiving weekend will see strong in-store traffic, with a record number of shoppers taking advantage of value prices,” said NRF President and CEO Matthew Shay. Announcing the poll results.
According to the survey, more than 69% of holiday shoppers plan to shop during the Thanksgiving holiday at the end of this year. The survey of 7,719 adult consumers was conducted earlier this month by NRF and Prosper Insights & Analytics.
Here are answers to some frequently asked questions about the pre-Christmas retail season provided by the National Retail Federation, the world’s largest retail federation, and other retail experts.
What are the most popular shopping days this weekend?
The NRF survey said the day after Thanksgiving (“Black Friday”) continues to be the most popular day for shopping, with 114.9 million of the 166.3 million Thanksgiving weekend shoppers (69.1%) planning to shop at that time, either in person or online. Internet .
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This is followed by 63.9 million (38.4%) on the Monday after Thanksgiving (“Cyber Monday”).
Plan a lot of shopping in more than one day this weekend.
What is Black Friday and Cyber Monday?
Black Friday is the Friday after Thanksgiving, when retail stores in the United States traditionally kick off their Christmas shopping. Many retailers started sales this year much earlier.
It’s called Black Friday because, historically, that’s when retailers made enough sales to become profitable—or go “in the black,” rather than “in the red”—for the year.
Cyber Monday falls three days later, and it’s the busiest day of the year for online shopping in the United States.
What is Small Business Saturday?
Small Business Saturday is a day dedicated to supporting small businesses and communities across the country and is part of the larger “Small Business Movement”. Founded by American Express in 2010, this day is celebrated every year on the Saturday after Thanksgiving in the United States.
In a statement about the day, American Express said, “As a consumer, you play a key role in helping small businesses thrive. By shopping or dining at Small Businesses year-round, you show your support for the small businesses in your neighborhood and in the community you call your neighborhood.” .
Why are people shopping this weekend?
The top reasons consumers plan to shop is because the deals are too good to miss (59%), because of tradition (27%) or because it’s something to do during the holiday (22%). Of the 114.9 million Black Friday shoppers, 67% said they expect to head to stores, up from 64% in 2021. Others will shop online.
Have a lot of people already started shopping?
yes. Similar to 2020 and 2021, this year 60% of holiday shoppers started browsing and buying for the season as of early November.
This trend of early shopping accelerated due to the epidemic. In 2019, 56% of holiday shoppers started shopping around this time.
Shay said the NRF survey found that about 45% of holiday shoppers say it’s best to get gifts and seasonal items before November.
Although Black Friday weekend remains among the biggest shopping days of the year, the nature of this five-day shopping event has changed, said Katherine Cullen, senior director at the National Federation of Retail Industry and Consumer Statistics.
“In the past, it was like the start of the shopping season,” Colin said. “Now, we’re halfway there, where consumers realize they enjoy stretching out their shopping budget, and giving themselves more time to find some of those key gifts and other important items.”
Where will people shop this season?
The NRF survey found that 56% of holiday shoppers plan to do at least some online shopping; 48% plan to shop at discount stores; 47% in supermarkets; And 45% in grocery stores and supermarkets.
When it comes to individual retailers, JLL—which is the real estate manager for The Avenue Viera, as well as a number of other retail centers nationwide—found in its survey that 64.3% planned to do at least some holiday shopping through Amazon.
JLL’s holiday survey asked shoppers to list their top three retailers they plan to visit for holiday shopping. Others in the top 10 were Walmart (47.9%), Target (38.8%), Kohl’s (9.8%), Best Buy (8.2%), and Macy’s (7.5%). Costco (5.2%), eBay (4.0%), TJ Maxx (3.2%) and JC Penney (3.2%). Etsy fell out of the top ten this year, and was replaced by TJ Maxx.
Why do so many people like to shop in stores rather than online?
According to the JLL survey, 54.5% indicated that they could see and touch the product before purchasing. Responses included holiday moods, including décor and fragrances (36.9%); Avoid shipping costs and delays (32.7%); enjoying the shopping experience with friends or family (23.8%); getting questions answered by expert salespeople (20.7%); and visiting Santa with children (9.6%).
Many shoppers use a hybrid approach, ordering online, then picking up the item in store or curbside.
How are spending plans changing among shoppers due to inflation?
JLL calls it “A Tale of Two Yuletides.”
The survey found that 49.7% of consumers earning less than $50,000 plan to cut their budgets significantly due to inflation, while only about 24% of those earning $150,000 or more would do the same.
“Inflation and price hikes are definitely a top priority for shoppers right now,” Cullen said.
As a result, many are looking for “value and bargains,” including “shopping different brands than they would otherwise consider, and they’re also considering discount stores,” Cullen said.
How big is the retail deal for the US economy?
Retail is the nation’s largest private sector employer, contributing $3.9 trillion to annual GDP and supporting one in four jobs in the United States – 52 million.
NRF expects retailers to employ between 450,000 and 600,000 seasonal workers.
But, she added, some of those hiring may have been pulled into October, because many retailers were eager to supplement their workforces to meet growing consumer demand.
According to CareerSource Brevard, the retail trade sector accounted for 29,400 jobs in Brevard County in October, up 2.4% from October 2021, when it accounted for 28,700 jobs.
While some seasonal retail hiring occurs in October, Florida, “the real increases in seasonal hiring occur in November and December,” said Jamie Hickman, chief of the Bureau of Labor Statistics and Economic Research at the Florida Department of Economic Opportunity.
What percentage of annual retail sales do holidays account for?
Holiday sales in November and December have averaged about 19% of all retail sales over the past five years. But that number could be higher for some retailers.
How do shoppers deal with high prices?
JLL’s survey found that in the face of rising prices, consumers plan to use a variety of cost-saving methods.
About 52.8% said they would look for sales, while 32.4% would take advantage of deal days specifically to fight inflation, 29.8% would buy less expensive gifts, and 23.1% would buy for fewer people. About 13.7% plan to give up buying something for themselves due to inflation, 10.2% will “back out” on items they have received, and 7.7% will buy more used or refurbished items.
What is the effect of returns on the holiday season?
The National Retail Federation said retailers expected revenue to be about 17.8% of holiday sales last year.
Most returns occur in January, after the winter break.
In addition to returning items for a refund, many consumers use holiday returns as an opportunity to make an additional purchase or retailer’s post-holiday sales.
Some retailers are making return policies more lenient during the holiday season, recognizing that there can be a delay between when a gift is purchased and when it is received.
However, many retailers have also begun to change their return policies to account for the increase in return fraud.
How are retailers handling supply chain disruptions this holiday season?
NRF says supply chain issues have been a major concern for retailers throughout the COVID-19 pandemic.
Retailers have implemented various strategies in anticipation of the holiday shopping season, including increasing peak shipping season to bring in earlier than usual product.
They’ve also invested in improved technology that lets customers see what products are currently in stock; if items are available in alternate locations; and the estimated time the items will take for delivery.
Dave Berman, business editor at Florida today. Contact Berman at firstname.lastname@example.org. Twitter: @employee.
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