Online Shopping in the US Soars Over Thanksgiving Weekend

The Thanksgiving holiday weekend, traditionally a high point in the retail calendar, saw a significant surge in online shopping this year. Over 200 million consumers shopped from Thanksgiving Day through Cyber Monday, surpassing expectations by more than 18 million.

Online Shopping Trends

According to the US National Retail Federation (NRF) and Prosper Insights and Analytics, the number of online shoppers rose from 130.2 million last year to 134.2 million this year. This increase in online shopping activity is part of an ongoing shift in consumer behavior, with more and more shoppers choosing to make their purchases online.

Interestingly, Black Friday, traditionally a day for in-store shopping, has been attracting more online shoppers than Cyber Monday since 2019. This year, about 90.6 million shoppers bought their holiday goods online on Black Friday, an increase from 87.2 million the previous year. However, fewer consumers shopped online on Cyber Monday this year, dropping from 77 million in 2022 to 73 million.

Spending Patterns

On average, shoppers spent $321.41 on holiday-related items during the Thanksgiving weekend. The most popular gift category was clothing and accessories, with 49% of shoppers opting for these items. This was followed by toys (31%), gift cards (25%), books and other media (23%), and personal care or beauty products (23%).

E-commerce Sales Growth

Adobe Analytics research shows that the Thanksgiving weekend has driven online sales growth. Consumers spent $12.4 billion on Cyber Monday, up 9.6% from a year prior. From Thanksgiving to Cyber Monday, consumers also drove a 7.8% increase in online sales to $38 billion.

The NRF also forecast a rise in e-commerce sales this year. In November, the NRF said it predicted online and non-store sales will grow between 7% and 9% to $273.7 billion and $278.8 billion, respectively.

Looking Ahead

Despite the robust online sales figures over the Thanksgiving weekend, some industry analysts anticipate more modest growth. TD Cowen reduced its guidance to reflect that holiday spending may only increase between 2% and 3%, down from its previous projection of 4% to 5%.

However, the NRF predicts that consumers will continue to spend more this holiday season. In November, the trade organisation projected that shoppers will spend $875 on gifts, food, decor, and other seasonal products.

In conclusion, the Thanksgiving weekend marked a notable uptick in online shopping, underscoring the continuing trend towards e-commerce. As we navigate deeper into the holiday season, it will be intriguing to see how these shopping patterns evolve.