According to the latest survey from the National Retail Federation, a significant increase in holiday shoppers is expected to seek discounts from Thanksgiving Day through Cyber Monday.

The survey reveals that 183.4 million individuals plan to shop, both in stores and online, over this five-day period. This is an increase from last year’s record of 182 million shoppers and shows a growth of 18.1 million compared to 2019.

NRF Vice President of Industry and Consumer Insights Katherine Cullen stated, “The Thanksgiving weekend remains one of the busiest shopping times of the year, even as holiday shopping begins earlier.” She emphasized that consumers are keen on gifting for their loved ones and that retailers are eager to help them find great deals throughout the season.

Shoppers are seeking deals both in-store and online

While shoppers plan to shop both online and in-person, Black Friday remains the most favored shopping day. Approximately 72% (131.7 million) of shoppers intend to browse and buy that day, with nearly two-thirds (65%) opting for in-store purchases. Cyber Monday follows as the second-most popular shopping day, with 39% (72.3 million) planning to shop.

Adobe predicts that online shopping will reach a record high this holiday season, with a significant proportion of purchases made via mobile devices, as previously reported by YSL News.

According to Adobe’s online shopping forecast for the 2024 holiday season, which spans from Nov. 1 to Dec. 31, U.S. online sales are expected to reach $240.8 billion, marking an 8.4% growth from the previous year.

Sales through mobile devices are anticipated to surpass those made on desktop or laptop computers, totaling a projected $128.1 billion — a 12.8% increase year-over-year. Mobile transactions are expected to comprise 53.2% of all online purchases this holiday season, as stated by Adobe.

Holiday shopping is already underway

The trend of starting holiday shopping early persists, with 58% of consumers indicating they have already begun as of early November, based on the survey results. On average, shoppers have completed around a quarter (25%) of their intended purchases.

A Bankrate survey published in September revealed that nearly half (48%) of shoppers planned to start their holiday shopping before Halloween, as previously reported by YSL News.

Phil Rist, Executive Vice President of Strategy at Prosper Insights & Analytics, noted that younger shoppers are particularly inclined to take advantage of Thanksgiving weekend sales, with 89% of young adults aged 18-24 intending to shop over the weekend. The social aspect of holiday shopping appeals to this demographic, with 20% participating because it allows them to shop with friends and family.

Among those not planning to shop during the holiday weekend, 51% said they could be persuaded if they find desired gifts on sale, receive free shipping, or if friends or family invite them to join, according to the NRF survey.

The NRF has forecasted earlier this year that holiday spending will hit unprecedented levels during November and December, predicting a growth between 2.5% and 3.5%, bringing the total to between $979.5 billion and $989 billion.