NRF: Record Number of Consumers Shopped During Thanksgiving Weekend

The following article is based on a press release issued by the National Retail Federation on November 28, 2023.

November 28, 2023 | A record 200.4 million consumers shopped between Thanksgiving Day through Cyber Monday, surpassing last year’s record of 196.7 million, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. The figure surpassed NRF’s initial estimate of 182 million shoppers by more than 18 million.

According to the survey, consumers reported that on average, 55 percent of their Thanksgiving weekend purchases were specifically driven by sales and promotions. Black Friday maintained its status as the prime day for both in-store and online shopping, drawing 76.2 million shoppers to physical stores (an increase from the 72.9 million in 2022) and 90.6 million consumers online on (up from 87.2 million in 2022).

“The five-day period between Thanksgiving and Cyber Monday represents some of the busiest shopping days of the year and reflects the continued resilience of consumers and strength of the economy,” said Matthew Shay, NRF president and CEO. “Shoppers exceeded our expectations with a robust turnout. Retailers large and small were prepared to deliver safe, convenient, and affordable shopping experiences with the products and services consumers needed, and at great prices.”

About 59 million consumers shopped in stores on the Saturday after Thanksgiving, down from 63.4 million in 2022. On par with last year, 78 percent of Saturday shoppers shopped specifically for Small Business Saturday. Approximately 73 million consumers shopped online on Cyber Monday, down slightly from 77 million last year.

The top gifts shoppers purchased during the five-day period were clothing and accessories (bought by 49 percent of those surveyed); toys (31 percent); gift cards (25 percent); books, video games, and other media (23 percent); and personal care or beauty items (23 percent).

NRF defines the holiday season as November 1 through December 31 and has forecast that holiday spending is expected to reach record levels, growing between 3 percent and 4 percent, totaling $957.3 billion to $966.6 billion.