For many retailers, the busy shopping period after Thanksgiving seemed busier than usual, new data from The National Retail Federation (NRF) shows. The organization, which measures trends across all retail sectors, including hardware and home improvement, says nearly 165 million shoppers purchased products in-store or online between Thanksgiving Day, Black Friday and Cyber Monday.
NRF data reveals that the average Thanksgiving shopper spent about $313 on gifts and other holiday items over the five-day window, which was down 7 percent compared to the same period in 2017. Older millennials and members of Generation X spent the most, averaging about $413, NRF’s data reveals.
“Over the last couple of days, what I heard in discussions with retail CEOs across all categories and segments was very positive, driven by macro conditions of low unemployment and rising wages combined with the right mix of merchandise at great prices,” says Matthew Shay, CEO of NRF. “This is a very strong emotional start to the holiday season and a positive indicator of where we are headed over the next month.”
NRF’s data reveals more than 89 million people shopped both online and in stores, a metric that rose 40 percent over 2017 levels.
To learn about the history of Black Friday, read this article from Hardware Retailing.