Monday, December 01, 2014WASHINGTON -- Early holiday promotions, the continued growth of online shopping, and an improving economy changed the way millions of people approached the biggest shopping weekend of the year, reports the National Retail Federation.
According to NRF’s Thanksgiving weekend spending survey, conducted by Prosper Insights & Analytics, 55.1% of holiday shoppers were in stores and shopping online over Thanksgiving weekend, down from 58.7% last year. Overall shopper traffic from Thanksgiving Day through Nov. 30 dropped 5.25 percent from 2013 (133.7 million unique holiday shoppers versus 141.1 million in 2013). Total shopping, including multiple trips by the same shopper, was also down this weekend (233.3 million versus 248.6 million). This is the 11th survey NRF has released in partnership with Prosper
“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” said the retail trade group’s CEO, Matthew Shay. “We are excited to be witnessing an evolutionary change in holiday shopping by both consumers and retailers, and expect this trend to continue in the years ahead.”
According to the survey, the average person who shopped during the holiday weekend spent $380.95, down 6.4% from $407.02 last year. Total spending is expected to reach $50.9 billion, down from last year’s estimated $57.4 billion. Additionally, more than three-quarters (77.2%) say they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family, similar to last year’s 76.4%.
Though the overall number of shoppers dropped this year, Black Friday still draws the biggest crowds of the weekend, the survey found. An estimated 86.9 million shoppers were in stores and online on Black Friday; nearly one-third (32.2% or 43.1 million) say they shopped on Thanksgiving Day, flat with last year’s 31.8%. Half (51.8%) say they shopped on Saturday and one-quarter shopped on Sunday (25.5%).
Of those who say they did shop on Saturday, three-quarters (75.2%) said they did or planned to shop specifically for Small Business Saturday.
Holiday shoppers weren’t only in stores on Thanksgiving, they were also online, although early online promotions before the big weekend may have taken some of consumer’s spending power with them, the retail trade group says. According to the survey, the average person who shopped over the weekend spent $159.55 online, approximately 41.9% of their total average budget, down 10.2% from $177.67 last year.
Most shoppers say they shopped online on Black Friday (46.7%), though 36.3% say they shopped online on Saturday. Additionally more than one-quarter (26.2%) of holiday shoppers were online on Thanksgiving Day.
More than half of those in stores and online over the weekend bought apparel items (54.5%), one-third (32.6%) purchased toys and one-third (34.2%) bought electronics. Additionally, 34.9% purchased books, videos or video games, one in five (20%) purchased home décor or home furnishing items, 28.1% bought gift cards and 15% bought jewelry items.
SOURCE: National Retail Federation.
Published by The Business Journal, Youngstown, Ohio.
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