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Over 165 mn likely to shop in Thanksgiving weekend: US NRF

18
Nov '19
Pic: Shutterstock
Pic: Shutterstock
US retailers are preparing for one of the busiest shopping weekends of the year with an estimated 165.3 million people likely to shop during the five days starting Thanksgiving Day on November 28 till Cyber Monday on December 2, according to the annual survey released recently by the National Retail Federation (NRF) and Prosper Insights & Analytics.

“The tradition of Thanksgiving weekend holiday shopping has become a five-day event with consumers spending money in stores, supporting local small businesses, and online with their mobile devices and computers,” NRF president and chief executive officer Matthew Shay said in a statement.

Throughout the course of the holiday weekend, 39.6 million consumers are considering shopping on Thanksgiving Day, 114.6 million on Black Friday, 66.6 million on Small Business Saturday and 33.3 million on Sunday. The shopping weekend will wrap up on Cyber Monday, when 68.7 million are expected to take advantage of online bargains, NRF said.

Shay said younger consumers are significantly more likely to shop over the Thanksgiving weekend. Among those ages 18-24, 88 per cent say they are likely to shop and particularly enjoy the social aspect.

Similarly, 84 per cent of those ages 25-34 plan to shop. That compares with 69 per cent of holiday shoppers overall.

Of those planning to shop, there is an almost even split of people who plan to start their shopping in-store (47 per cent) compared with those who plan to start online (41 per cent). Those under 25 are even more likely to say they expect to start shopping in-store (52 per cent).

The top reasons consumers are planning to shop include good deals (65 per cent), tradition (28 per cent), something to do over the holiday (21 per cent) and group activity with friends or family (17 per cent).

NRF’s annual forecast estimates that holiday retail sales in November and December will be up between 3.8 per cent and 4.2 per cent over 2018 for a total of between $727.9 billion and $730.7 billion respectively.

The survey of 7,917 adult consumers’ Thanksgiving weekend plans was conducted from October 31 to November 6 .

Fibre2Fashion News Desk (DS)


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