The National Retail Federation (NRF) and Prosper Insights & Analytics have released new research projecting a record-breaking shopping weekend this Thanksgiving, with an estimated 183.4 million consumers planning to shop in-store and online from Thanksgiving Day through Cyber Monday.
This figure surpasses the 2023 record of 182 million shoppers and reflects a continued growth in consumer activity, up by 18.1 million people compared to 2019.
Katherine Cullen, NRF Vice President of Industry and Consumer Insights, stated: “Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend,” NRF Vice President of Industry and Consumer Insights Katherine Cullen said. “Consumers are prioritizing gift-giving for the most people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”
Black Friday and Cyber Monday Lead Consumer Interest
The NRF survey reveals that Black Friday remains the most popular shopping day, with 72% of respondents (131.7 million people) expected to shop online or in stores. Among these, 65% plan to shop specifically in physical stores. Cyber Monday is the second most anticipated shopping day, attracting 39% of those planning to shop, or 72.3 million people.
Black Friday promotions, both in-store and online, remain a key driver of consumer activity. Jewelers can benefit from aligning inventory and sales strategies with this peak shopping period.
Younger Shoppers Driving Trends
“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”
The survey highlighted younger adults, particularly those aged 18-24, as a key demographic for the holiday weekend. A notable 89% of this age group plans to shop during this period. In addition to seeking deals, they view holiday shopping as a social activity, with 20% shopping for the enjoyment of group outings with friends and family.
Jewelers may consider marketing approaches that appeal to younger consumers, such as leveraging social media or creating engaging shopping experiences.
Consumer Spending and Early Shopping Habits
The NRF also noted a continuation of early holiday shopping trends, with 58% of consumers having already started their holiday shopping by early November. On average, shoppers have completed 25% of their planned purchases.
For jewelers, this trend toward early shopping highlights the importance of maintaining a strong promotional calendar that starts well before the Thanksgiving weekend, ensuring that offerings are visible to consumers who plan ahead.
