This year, the shopping period between Thanksgiving and Christmas is six days shorter, but consumers didn’t waste any time ticking items off their list.
According to the National Retail Federation (NRF), almost 190 million consumers shopped between Thanksgiving Day and Cyber Monday (November 28 to December 2). On average, shoppers between the ages of 25 and 35 spent $440 during the period.
On Small Business Saturday, the NRF reported that 59.9 million people were out shopping, while $58.2 million were spent online. Of those physically visiting stores, 73 percent were intentionally shopping at local businesses to participate in the small business centric holiday.
These trends already seem to be surpassing predictions. Estimates that were already higher than 2018.
High consumer spending is a sign that the economy is thriving, consumer confidence is high, and many are experiencing widespread financial stability. In the early weeks of December, consumer sentiment rose to 99.2, up 2.4 percentage points from 96.8 in November.
‘Tis the season for shoppers to dash through the snow to complete their holiday checklist. Fortunately, the strong economy has American pockets flush with cash to make the holidays that much more enjoyable.