Although slightly fewer people shopped during this year's Thanksgiving weekend than last, at 197 million, consumer spending remained robust, indicating a strong kickoff to the holiday season.
Despite a slight drop in shoppers over Thanksgiving weekend, consumers spent almost 15% more online on Black Friday compared to the previous year, highlighting selective purchasing behavior.
The data revealed that shoppers spent an average of $235 on gifts this year, up $8 from 2023, with clothing and accessories making up nearly half of the total expenditure.
Retail executives suggest that while spending is up, consumers are increasingly picky due to ongoing inflation, posing challenges for some retailers in managing customer preferences.
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