The US holiday shopping season gets off to a strong start! National Retail Federation: Number of Thanksgiving holiday shoppers surges to over 200 million.

```

Despite the uncertain economic outlook in the United States, consumers’ enthusiasm for discounts drove Thanksgiving weekend shopper numbers to a record high.

According to data released Tuesday by the National Retail Federation (NRF), about 202.9 million U.S. consumers shopped during the five days from Thanksgiving to Cyber Monday.

This not only exceeded NRF’s previous prediction of 186.9 million people, but also broke all records since the organization began tracking the data in 2017.

NRF CEO Matt Shaydescribed the shopping season as the “psychological starting point of the holiday season.” He said the number of shoppers “has given this season a very, very solid start.”He said:

One key factor is that for many Americans and many families, holiday spending and shopping are an indispensable part of the budget.

Record-breaking Shopper Numbers Inject Confidence into the Holiday Season

Thanksgiving weekend consumer traffic is a key indicator of the health of the holiday shopping season.

This year’s data shows strong consumer willingness, bringing optimism to retailers.

The total of 202.9 million shoppers is the highest since NRF began tracking the five-day data in 2017, surpassing the previous record of 200.4 million set in 2023.

The core driving force prompting consumers to flock to stores and websites is ubiquitous promotions.

Phil Rist, executive vice president of Prosper Insights & Analytics, said consumers are motivated by promotions and deals such as free shipping and limited-time discounts.

NRF chief economist Mark Mathews added that holiday spending appears to be protected by a “moat.”

He pointed out that even financially strained households generally prioritize holiday spending by cutting back in other areas such as entertainment and travel.

Shay also believes that holiday shopping is largely an “emotional consumption.”

Popular shopping categories include apparel and accessories (51% of respondents purchased), toys (32%), books and other media (28%), and gift cards (26%).

Strong Online Growth and Brick-and-Mortar Store Recovery

Although online shopping has become the norm in recent years, this year's data shows that both online and offline channels have achieved growth.

According to NRF’s survey, 129.5 million consumers shopped in physical stores over the five days, up 3% year on year. Online, the number of shoppers grew even more, reaching 134.9 million, up 9% year on year.

Data from Adobe Analytics also confirms the strong online shopping momentum.

The data shows that total online sales on Cyber Monday reached $14.25 billion, up 7.1% year on year.

During the entire five-day period from Thanksgiving to Cyber Monday, total online sales were $44.2 billion, up 7.7%. Online sales for Black Friday alone were $11.8 billion, up 9.1% year on year.

Retailers Remain Optimistic About Full Holiday Sales Outlook

The strong start to the weekend has given the retail sector great confidence about the overall sales performance for the holiday season.

Earlier in November, NRF forecast that for the entire holiday season from November 1 through December 31, sales would reach a record $1.1 trillion to $1.2 trillion, an expected year-on-year increase of 3.7% to 4.2%.

Matt Shay said Thanksgiving weekend’s consumer data gives NRF confidence that the industry is moving toward achieving the forecast.

As of the end of Cyber Monday, consumers told NRF that about 53% of their holiday shopping was still unfinished, a proportion similar to a year ago, indicating continued consumption potential.

However, it is worth noting that, despite an optimistic sales outlook, retailers are also trying to control one of their main costs: labor costs.

According to NRF, seasonal hiring this holiday season is expected to be between 265,000 and 365,000 jobs, the lowest level in at least 15 years.

Risk Warning and DisclaimerThe market involves risks; investment requires caution. This article does not constitute personal investment advice, nor does it take into account the particular investment goals, financial situation, or needs of any individual user. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investing based on this information is at your own risk. ```