������ý

Shoppers wait in line outside of a Nike Factory Store at an outlet mall in Sunrise, Fla., on Nov. 28. (Eva Marie Uzcategui/Bloomberg)

[Stay on top of transportation news: .]

A record 203 million customers participated in the five-day Black Friday weekend, according to the .

The NRF annual consumer survey Dec. 2 found 202.9 million customers shopped during the holiday weekend from Thanksgiving Day through Cyber Monday. The figure is up from 197 million shoppers last year. The previous record was 200.4 million set in 2023. NRF had forecast about a month prior that this would be the first holiday season to break $1 trillion.

“We still believe we’re on track to meet that forecast,” NRF President said during a media briefing after the survey was released. “We feel very confident based on the results of this weekend, and the way in which consumers were engaged. And so, we think that’s a good foundation for going forward, and we are seeing real growth.”

Shay pointed out that an uptick in inflation increased the cost of goods have over the past few months, but he described the trend as a modest increase that followed about 2½ years of flat goods inflation, instead putting the blame for overall inflation on services. He also noted that holiday shopping is essential for many families so they budget for it regardless.

— National Retail Federation (@NRFnews)

“There are other times of the year when we’re all engaged in commerce, that is purchases out of necessity, replenishment, the normal day-to-day, week-to-week shopping that we do,” Shay said. “But holidays are really very much an emotional purchase. Families plan for it, families save for it, they invest in it. And as a component of the holidays, the five-day Thanksgiving weekend is really the psychological kickoff of the holidays.”

Shay added that consumers have been holiday shopping for the past several months and will continue over the next two months. He also noted that the extended weekend concentrates that activity in a way that provides a gauge on consumer and economic activity.

“It exceeded our initial expectations by approximately 16 million [consumers],” Shay said. “A very solid beginning of the holiday season, and the record turnout clearly reflects the ongoing importance of this five-day period, both for shoppers and for retailers.

“I think there are a variety of reasons why we see people out over this weekend. Certainly, many consumers are looking for attractive deals that are out there, others see this as a social experience or as a holiday tradition, and many others see this as an opportunity to get ahead with their gift shopping.”

The Logistics Manager’s Index slipped to a rating of 55.7 for November after two consecutive months at 57.4. The slowdown was driven by a continued softening of inventory and warehousing metrics, but was tempered by some expansion in transportation. The index showed overall inventory levels moved back into mild expansion after the contraction.

“This increase was entirely driven at the retail level as downstream respondents reported robust expansion at 65.8,” the LMI report stated. “Loading up on inventories seems to have been a good bet for retailers. Consumer spending has been strong in the Thanksgiving weekend holiday shopping window, particularly when it comes to e-commerce. In the U.S., consumers spent $6.4 billion online on Thanksgiving Day and another $8.6 billion online on Black Friday.”

— National Retail Federation (@NRFnews)

NRF survey data also found that early promotions helped jump-start holiday shopping with 54% of consumers indicating they took advantage of early holiday sales and promotions. The turnout also was robust for in-store and online shopping activity. The number of in-store shoppers increased 3% year-over-year to 129.5 million from 126 million, while online shopping activity increased 9% to 134.9 million customers from 124.3 million last year.

“Black Friday was down very slightly from last year even though the overall shopping across the weekend was up in the aggregate, and that’s due to the fact that the holiday season is getting a bit elongated,” Shay said. “Each shopping day, with the exception of Black Friday, saw a double-digit increase in online shopping between 14% and 18%. So, we’re seeing a little bit of this get traded around from Black Friday to other days.”

The survey results showed that 84% of consumers had already begun their holiday shopping before the weekend, but it also estimates that 53% of holiday shopping still remains.

“Those that were shopping on the weekend, specifically on holiday-related purchases, spent approximately $340 on average, which is about $22 more than last year, and the highest figure since before the pandemic. And of consumers’ holiday-related purchases, as distinguished from other purchases, self-gifting and other things for the home, about two-thirds were spent specifically on gifts.”

Want more news? Listen to today's daily briefing below��or go here for more info: