More than 200 million U.S. customers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, according to data from the National Trade Federation (NRF), surpassing last year's record of US$196.7 million.
NRF defines the holiday season as 1st November through 31st December and has forecast that holiday spending is expected to reach record levels and will grow between 3% and 4%, totalling US$957.3 billion to US$966.6 billion.
While experiential gifts have been the popular choice in the past few years, consumers seem to prefer tangible gifts this year, with Jewellery and Apparel being the top gift sectors of the day.
Matthew Shay, President and CEO, NRF, said, “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,”. “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.”
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