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WASHINGTON — A record-breaking 183.4 million shoppers are expected to hit stores and websites from Thanksgiving Day through Cyber Monday this year, according to the latest annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. This marks a slight increase from the previous high of 182 million shoppers recorded in 2023, and a significant rise of 18.1 million shoppers compared to five years ago.
“Despite the trend of consumers beginning their holiday shopping earlier, the Thanksgiving weekend remains one of the most popular times for purchasing gifts,” said Katherine Cullen, Vice President of Industry and Consumer Insights at NRF. “Consumers are focusing on meaningful gift-giving, and retailers are prepared to meet their needs with attractive deals and ample inventory.”
While consumers are increasingly shopping earlier in the season, Black Friday remains a highly anticipated day for bargain hunters. The survey indicates that 72% of respondents, approximately 131.7 million people, plan to shop on Black Friday, whether in stores or online. Notably, about two-thirds (65%) of Black Friday shoppers are expected to visit brick-and-mortar stores, underscoring the enduring appeal of in-person shopping despite the rise of e-commerce.
Cyber Monday is the second most popular day, with 39% of respondents (72.3 million people) planning to shop for deals online.
The survey highlights that younger adults, particularly those aged 18-24, are the most enthusiastic about the Thanksgiving weekend shopping experience. A striking 89% of this demographic plans to shop during the five-day period. According to Phil Rist, Executive Vice President of Strategy at Prosper Insights & Analytics, this age group is not just drawn by discounts but also by the social aspects of shopping.
“For young adults, holiday shopping has become a festive group activity,” Rist explained. “Many are motivated by the chance to share the experience with friends and family, adding a social dimension to the hunt for great deals.”
The NRF earlier forecast that overall holiday spending during November and December will reach new heights, with projected growth between 2.5% and 3.5%, totaling between $979.5 billion and $989 billion. The survey found that 58% of consumers had already started their holiday shopping by early November, with shoppers having completed about 25% of their planned purchases on average.
The primary motivations driving consumers to shop during the Thanksgiving weekend are the unbeatable deals (57%), the tradition of shopping during the holiday (28%), and the opportunity to kick off holiday gift-buying (24%).
While millions are already gearing up for the Thanksgiving weekend, there remains potential to attract even more consumers. The survey revealed that half (51%) of those not currently planning to shop could be persuaded to do so if they encounter enticing discounts, free shipping offers, or invitations from friends and family.
“This is a crucial period for retailers, who are prepared to maximize sales opportunities by offering competitive promotions and leveraging the social aspects of shopping,” Cullen noted.
The survey was conducted between November 1-7, 2024, and polled 8,135 adult consumers about their holiday shopping plans. The results have a margin of error of plus or minus 1.1 percentage points.
