Retailers have been preparing for Black Friday and Cyber Monday all year. The tradition of post-Thanksgiving shopping has spread internationally with companies throughout the world promoting special sales. The National Federation of Retailers in America predicts that 2023 will be one of the busiest shopping holidays in the nation’s history.
Around 182 million shoppers are expected to make purchases from Thanksgiving Day through Cyber Monday, marking a 15.7 million uptick from 2022. This also marks the highest estimate since the organization began compiling data in 2017. Despite inflation, 61% of 8,424 respondents to a poll said the deals presented are too good to pass on.
The bulk of spending is expected to occur on Black Friday with 130.7 million participants, followed by Cyber Monday which is expected to attract 71.1 million shoppers. Half of shoppers will be searching for presents for the upcoming holidays. In total, retail spending in November and December will reach up to $966.6 billion.
“The Thanksgiving holiday weekend marks some of the busiest shopping days of the year, as consumers enjoy the tradition of shopping for the perfect gifts for friends and loved ones,” NRF President and CEO Matthew Shay said. “Retailers have been preparing for months for this occasion. They are stocked and ready to help customers find the gifts and other items they want at great prices during the entire holiday season.”
Although consumer spending accounts for 2/3 of GDP, the majority of Americans are living off of credit due to record inflation. So while people are spending during this 5-day holiday in anticipation of tomorrow’s price being higher, consumer spending at this point in time merely adds to the private debt crisis sweeping the nation.