Record Shopping Crowds Expected Over Thanksgiving Weekend
The National Retail Federation (NRF) reported this week that more than 164 million people are expected to shop during the upcoming Thanksgiving weekend. The NRF reports reports 69 percent of Americans are planning to shop over the now infamous Black Friday and Cyber Monday weekend. CBS Philadelphia reports of those shopping, 20 percent plan to shop on Thanksgiving Day, 70 percent plan to shop on Black Friday, and 48 percent are expected to shop on Cyber Monday.
Total Retail’s Take: Thanksgiving weekend has long been the busiest shopping weekend of the year for U.S. retailers, and this year will be no different. The only retail sales event that tops it is Singles Day, which hit a record-breaking $25 billion in sales this year. (That gives you a sense of the magnitude of Singes Day — the one-day event is bigger than the five-day Thanksgiving weekend, including Cyber Monday.) Many retailers rely on Thanksgiving weekend to kick off the holiday season and end the fiscal year on a strong note. It's exciting to hear that estimated consumer spending is up, and what that could mean for retailers.