Record-Breaking US Thanksgiving Weekend Sales with Massive Discounts and Online Surge
2 min read
Title: U.S. Online Shoppers Break Records with $38 Billion Spent During Thanksgiving Weekend
Subtitle: Strong Holiday Shopping Season Sees Surge in Online Consumer Spending
The Thanksgiving weekend proved to be an exceptional period for online shopping in the United States, with consumers spending a whopping $38 billion, indicating a robust holiday shopping season despite economic uncertainties. Online consumer spending during Cyber Week surpassed initial expectations, recording a 7.8% increase compared to predictions of a 5.4% rise.
An impressive number of over 200 million shoppers participated in both online and in-store purchases during the Thanksgiving weekend, surpassing earlier estimates. The National Retail Federation anticipates a retail sales growth of 3%-4% during the full November-December holiday season.
Although the average spending on holiday-related purchases reached $321.41, slightly lower than the previous year, online sales offered enticing discounts. Electronics offered discounts as high as 31%, while toys saw discounts of up to 27%, attracting more consumers compared to brick-and-mortar stores.
The popularity of online shopping soared during the Thanksgiving weekend, as online shoppers increased by 3.1% to reach 134.2 million. This surge was attributed to the convenience and attractive deals available on online platforms.
One notable trend driving the increase in online spending was the growing popularity of “Buy Now, Pay Later” (BNPL) services like Klarna and Affirm. Cyber Monday marked a significant milestone as a record $940 million worth of purchases were made through BNPL services, reflecting a 42.5% increase from the previous year. BNPL transactions through Afterpay surged by 19% over the weekend, while Klarna reported a 29% increase in orders placed by U.S. shoppers on Black Friday.
The success of the Thanksgiving weekend sets the stage for a promising holiday shopping season in the United States. Despite economic uncertainties, online shoppers demonstrated their confidence by splurging on various products, helped by attractive discounts and the convenience of BNPL services. The retail industry is expected to enjoy substantial sales growth of 3%-4% throughout the November-December holiday season.
As the year comes to a close, it is evident that online shopping has become an integral part of consumers’ lives, reshaping the retail landscape and providing a convenient avenue for fulfilling their holiday shopping needs.
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