Major retailers cutting prices ahead of holiday season
Just in time for holiday shopping to begin, Target is reducing prices on over 2,000 items for the second time this year.
Cheddar
Holiday shoppers will be looking for deals in record numbers from Thanksgiving Day through Cyber Monday, according to the newest survey by the National Retail Federation.
A record 183.4 million people are planning to shop in-store and online during the five-day period, according to the annual survey released Thursday by the National Retail Federation (NRF) and Prosper Insights & Analytics. That number is up from a previous record 182 million shoppers in 2023 and 18.1 million people more than five years ago in 2019.
“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 in a press release. “Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”
Shoppers are looking for deals in store and online
Consumers said among the top reasons they plan to shop from Thanksgiving through Cyber Monday are because the deals are too good to pass up (57%), it is tradition (28%) and they like to start holiday shopping over Thanksgiving weekend (24%), according to the survey.
Consumers said they would do their shopping both in person and online through the holiday weekend, but Black Friday remains the most popular day to browse and buy, with 72% (131.7 million) planning to head out to stores or shop online. Nearly two-thirds, or 65%, of Black Friday shoppers expect to specifically shop in stores that day. Cyber Monday is the second most popular day, attracting 39% (72.3 million) of those planning to shop, according to the survey.
Adobe has forecast that online shoppers are expected to spend a record amount this holiday season, with a larger chunk being spent on mobile devices, USA TODAY previously reported.
In its online shopping forecast for the 2024 holiday season from Nov. 1 through Dec. 31, Adobe forecasts U.S. online sales will hit a record $240.8 billion. That is an 8.4% increase over last year.
Shopping on mobile devices is expected to exceed purchases made on desktop or laptop devices with a new milestone of $128.1 billion in sales, a 12.8% increase over last year. The mobile transactions will represent 53.2% of online purchases for the holiday season, Adobe said.
Holiday shopping started early
The trend of early holiday shopping continues with 58% of consumers having already started their holiday shopping as of early November, according to the survey. On average, holiday shoppers have completed one-quarter (25%) of their planned purchases.
A Bankrate survey released in September said almost half, or 48%, of shoppers were planning on starting their holiday shopping before Halloween, USA TODAY has previously reported.
“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 in a press release. “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%).”
Among shoppers who were not planning on shopping during the holiday weekend, half or 51% said they could be convinced to shop if presents they want to buy are on sale, if they are offered free shipping, or if friends or family members invite them to shop, according to the NRF survey.
Earlier this year, NRF forecast that holiday spending is expected to reach record levels during November and December and will grow between 2.5% and 3.5%, totaling $979.5 billion to $989 billion.
Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.