Black Friday and Cyber Monday Shopping Exceeds Industry Estimates

Published On Dec 3, 2024, 12:53 PM

The Thanksgiving weekend shopping (from Black Friday to Cyber Monday) saw about 197 million shoppers, slightly down from last year's record of 200 million but exceeding expectations. Consumer spending proved strong with a 15% increase in online sales on Black Friday compared to last year, demonstrating resilient yet cautious spending habits influenced by inflation. Retail sales overall increased by 3.4%. The National Retail Federation projects holiday sales growth will be around 3.5% this year, a slower rate than in previous years, but consistent with pre-pandemic averages.

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Retailers showed better-than-expected sales during a key holiday shopping period, indicating potential strength in certain retail sectors next quarter. However, the cautious consumer sentiment and ongoing inflation might dampen long-term growth prospects for the sector. Retail stocks generally are anticipated to see moderate gains, particularly for companies that effectively manage promotions and inventory.

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