Of that, $217.37 or 69 per cent was specifically spent on gifts. The biggest spenders were older millennials and Gen Xers (35-44 years old) at $413.05, said the report by the National Retail Federation and Prosper Insights & Analytics. Top purchases over the weekend included apparel (bought by 57 per cent of those surveyed).
The survey was carried out on over 3,000 consumers about Thanksgiving weekend and Cyber Monday shopping plans.
"For several years, we’ve been talking about the dynamic nature of the retail industry and the speed of change necessary to meet the consumer demand," NRF president and CEO Matthew Shay said. "This year’s research clearly shows that the investments made by retailers are paying off in a big way. Over the last couple of days, what I heard in discussions with retail CEOs across all categories and segments was very positive, driven by macro conditions of low unemployment and rising wages combined with the right mix of merchandise at great prices. This is a very strong emotional start to the holiday season and a positive indicator of where we are headed over the next month."
Retailers’ investments in technology continued to pay off with consumers seamlessly shopping on all platforms throughout the weekend. The survey found more than 89 million people shopped both online and in stores, up nearly 40 percent from last year. The multichannel shopper outspent the single-channel shopper by up to $93 on average.
Spending estimates from various groups have indicated that Thanksgiving weekend was record-breaking for the retail industry, consistent with NRF's holiday forecast of up to a 4.8 percent increase in holiday spending over the months of November and December. In addition, purchases over the long weekend showed new trends coming from younger consumers, with Gen Zers and younger millennials aged 18-24 spending an average $149 on holiday purchases for themselves, more than any other generation.
"This year, Gen Zers and millennials changed the way they shopped over Thanksgiving weekend," prosper executive vice president of strategy Phil Rist said. "These younger shoppers have become savvier when it comes to their research by leveraging social media to find inspiration for their purchasing decisions and used the holiday weekend to splurge on non-gift purchases for the season."
The most popular day to shop online was Cyber Monday, cited by 67.4 million shoppers, followed by Black Friday with 65.2 million shoppers. The most popular day for in-store shopping was Black Friday with more than 67 million shoppers, followed by Small Business Saturday with 47.4 million shoppers. Also, 66 per cent of smartphone owners used their mobile devices to make holiday decisions, up from 63 per cent last year.
With more shopping days before Christmas this year, consumers are taking their time to finalize their holiday gift purchases. On average, consumers have more than half (56 per cent) of their holiday shopping left to do. Many consumers (92 per cent) believe that the strong deals seen over Thanksgiving weekend will continue or improve throughout the rest of the season. (RR)
Fibre2Fashion News Desk – India
Apparel/Garments | On 6th Dec 2019
Garment units continue to open in Cambodia despite the looming threat ...
E-commerce | On 6th Dec 2019
Europe remains by far the most prepared region for e-commerce, with...
Sri Lanka has a good sustainable track record and strong stories to back it
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016
'Major problem in the textile machinery manufacturing industry is the lack ...
Blockchain technology will shorten lead times
Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...
Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...
Founded in 1953, Italian engineering company Arioli Spa started...
INDA, a global association of the nonwoven fabrics industry, has been...
The Indian market has huge potential in technical textiles, and by far,...
Sensoria is a leading developer of smart garments and IoMe (Internet of...
Hemant & Nandita
Hemant & Nandita
The designer duo of Hemant & Nandita are known for being inspired by...
The Woolmark Company has partnered with handmade fashion label Péro and...
Gildan Activewear SRL
Gildan Activewear, a manufacturer and marketer of branded clothing and...