Thanksgiving: The Ultimate Retail Analysis
As the last turkey leftovers disappear and family gatherings become cherished memories, we expect the 2024 Thanksgiving season to offer a fascinating glimpse into consumer behavior and economic trends. Last year's holiday season has provided some intriguing insights for businesses and economists alike. 2023 Thanksgiving holiday shopping season provided an interesting snapshot of consumer behavior and economic trends. Let's delve into the fact-checked data that shaped this year's retail landscape.
Holiday Shopping by the Numbers
The 2023 holiday shopping season saw consumers open their wallets, according to the National Retail Federation (NRF) and Adobe Analytics:
- Total Holiday Weekend Spending: About $9.8 billion from Thanksgiving Day through Cyber Monday
- Online Sales: $12.4 billion online sales on Black Friday - 7.5% higher than 2022
- Cyber Monday reached $12.4 billion in online sales for biggest online spending day of year
Key Consumer Trends
Digital Dominance
- 64% of holiday shopping was made through web devices
- Mobile drive accounted for 53% online traffic
- Online order value reached the average amount of $174.30
Shopping Patterns
- Early start for holidays as early as in October
- Consumers spread their shopping to take advantage of extended sales periods
- Significant shift towards online and omnichannel shopping experiences
Economic Context
The 2023 holiday shopping season fell amidst a backdrop of:
- Perpetual inflation
- Consumer spending cautiously
- Continuing the recovery from pandemic-era disruption to shopping
Top Performing Categories
- Electronics: Continued to be one of the top categories
- Clothing and Accessories: Strong category
- Home Goods: Continued strength
- Gift Cards: The versatility in gifting increased its adoption
Consumer Sentiment
Despite economic challenges, consumer sentiment showed:
- Willingness to invest in thoughtful presents
- Preference for value-driven purchases
- More and more using price comparison tools, hunting for discounts
The New Wave of Trends
- Growing interest in sustainable and ethical shopping
- Increased use of buy-now-pay-later services
- Increased focus on local business and small business support
Looking Ahead
2023 data indicates the continuing reinvention of retail:
- Additional digital transformation
- Personalized experiences for consumers
- Convenience and emphasis on value
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