Consumers Spend Big Over Thanksgiving Weekend, Cyber Monday

Fifty-five percent of holiday shoppers were expected to be in stores and online over Thanksgiving weekend, according to the National Retail Federation’s Thanksgiving Weekend Spending Survey, conducted by Prosper Insights & Analytics.

According to the survey, the average person shopping the holiday weekend was expected to spend about $381. Total spending for the weekend was projected to reach $51 billion—down from last year’s estimated $57 billion. Additionally, more than three-quarters of shoppers said they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family.

Furthermore, holiday shoppers divvied their time and money as follows: 

  • The average person who shopped over the weekend spent $160 online, approximately 42% of their total average budget.
Close to half of shoppers shopped online on Black Friday; though 36% said they shopped online on Saturday.
  • Twenty-six percent of holiday shoppers were online on Thanksgiving Day.
Two in five smartphone owners said they used their smartphone to make purchase decisions over the Thanksgiving weekend.

More specifically, 86.9 million shoppers were in stores and online on Black Friday; nearly one-third shopped on Thanksgiving Day. Half shopped on Saturday and one-quarter were expected to shop on Sunday. Of those who shopped on Saturday, three-quarters of them said they did or planned to shop specifically for Small Business Saturday.

[Image: / Volker Kreinacke]

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More on Small Business Saturday

Eighty-eight million consumers “shopped small” on Saturday, up 14.9% from a year ago, according to the Small Business Saturday Consumer Insights Survey, released this week by the National Federation of Independent Business and American Express. According to the survey, the average person who shopped on Small Business Saturday spent $162.

With more than two-thirds of the U.S. population aware of Small Business Saturday and more people shopping, U.S. consumers who were aware of Small Business Saturday reported spending approximately $14.3 billion with independent retailers and restaurants on the day, an increase of 2.1% from 2013. “Once again Small Business Saturday proved to be a bright spot over the first official holiday shopping weekend,” said Denise Pickett, president of American Express OPEN. “Small businesses are critical to the stability of our local communities and growth of our national economy. We are confident that the broad national support for these businesses will continue well beyond Nov. 29.”

Support for this year's Small Business Saturday was substantial. More specifically:

  • Elected officials in all 50 states and Washington, D.C.—including President Obama and many senior government officials—championed Small Business Saturday.
  • The U.S. Senate unanimously passed a resolution, co-sponsored by the bipartisan leadership of the Senate Committee on Small Business and Entrepreneurship, senators Maria Cantwell (WA) and James Risch (ID), designating Nov. 29 as Small Business Saturday.
  • Forty state governments issued state proclamations in support of Small Business Saturday.
  • Four hundred and fifty city proclamations in support of Small Business Saturday were issued by mayors and other elected officials in 50 states and Washington D.C.
  • PSAs encouraging the public to “Shop Small” were recorded by senator Cantwell; senator Risch; representative Maxine Waters (CA); and SBA administrator Maria Conteras-Sweet.
  • Nearly 3,000 Neighborhood Champions around the country rallied local businesses and created events and activities in their communities.
  • Premier partners FedEx, Eventbrite, Microsoft and Yelp worked with American Express to promote shopping at small businesses for Small Business Saturday.
  • Four hundred and forty six companies signed up to become official supporters of the day.
  • Three hundred and eight six advocacy organizations signed up to support the nationwide initiative.
  • More than 610,000 free online tools and materials were accessed by small business owners on to help get the word out about Small Business Saturday.
  • On Nov. 29 alone more than 126,000 tweets were sent in support of the initiative, many using the hashtags #SmallBizSat and #ShopSmall—a 10% increase from the previous year; those tweets ranged from consumers spreading the word about the national initiative to business owners promoting offers that they created specifically for the day.

[Image: / boggy22]

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Cyber Monday Tops Off the Weekend Above Last Year

Total online sales for Cyber Monday reached 2.65 billion, up 16%, compared to 2013, according to Adobe's 2014 Digital Index Online Shopping data for Cyber Monday.

The top 25 retailers, who each generated $30 million or more on Cyber Monday, saw online sales increase by 25%, capturing nearly $1.8 billion. Smaller retailers, those generating $2 million or less, grew by 5%. Consumers saw the highest discounts of 23% in the early morning hours and more than half of online sales came in outside of normal working hours.

[Image: / shelma1]