Market News

Thanksgiving Weekend Spending Pops as Shoppers Defy the Downturn

Story Highlights

Data from the National Retail Federation revealed that holiday shopping over the Thanksgiving weekend this year was up from last year, despite the weak economic environment.

On Tuesday, new data from the National Retail Federation revealed that inflation could not stop shoppers from being jolly during the Thanksgiving weekend. Not only was the number of shoppers higher than the previous year, but so was the average amount spent per person. The trends are in line with those during the pre-pandemic days.

About 197 million Americans shopped online or at physical stores from Black Friday through Cyber Monday. While shoppers shopping at physical stores increased by 17% year-over-year, online shoppers increased by 2%. What’s more, shoppers spent an average of $325.44 per head over the Thanksgiving weekend, up around 8% year-over-year.

This data gives us fresh hope for the retail sector, which was shrouded in uncertainty amid high inflation and the increasing chances of a recession.

That said, the deep discounts across discretionary product categories like toys, computers, apparel, and appliances were identified by Adobe (NASDAQ:ABDE) Analytics as the biggest drivers of the remarkable holiday spending. Apple’s (NASDAQ:AAPL) MacBooks and AirPods were among the top sellers of the weekend.

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