According to a new survey from the National Retail Federation (NRF), an estimated 182 million people plan to take part in the five-day shopping spree that runs from Thanksgiving Day through Cyber Monday, with Black Friday expected to be the busiest day of all () and Prosper Insights and Analytics.
The survey of 8,424 adult consumers, conducted Nov. 1-6, found that about 72% plan to shop on Black Friday this year, up from 69% in 2022; This equates to approximately 130.7 million Black Friday shoppers, up from 114.9 million in 2022.
According to an NRF forecast, holiday spending is expected to reach record levels in November and December, increasing 3 percent to 4 percent from last year and totaling $957.3 billion to $966.6 billion.
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“The Thanksgiving holiday weekend ranks as one of the busiest shopping days of the year as consumers enjoy the tradition of purchasing the perfect gifts for friends and loved ones,” Matthew Shay, president and CEO of NRF, said in a statement. “Retailers have been preparing for this occasion for months. They are in stock and ready to help customers find gifts and other desired items at great prices throughout the holiday season.”
According to NRF, online shopping is expected to grow 7 percent to 9 percent starting in the 2022 holiday season, totaling $273.7 billion to $278.8 billion. On Black Friday alone, sales are expected to increase by 5.7% and exceed $9.6 billion, according to Adobe Analytics.
“Consumers remain in charge and are resilient despite the headwinds of inflation, higher gasoline prices, tight credit conditions and elevated interest rates,” NRF chief economist Jack Kleinhenz said in a statement. “We expect spending on a range of items and experiences to continue through the end of the year, albeit at a slower pace. Solid employment and wage growth will help this holiday season, and consumers will be looking for deals and discounts to save their money.”
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