Nearly 90% of people will shop online! American Thanksgiving consumer spending will reach $125 billion!

According to ICSC, American consumers will spend $125 billion on Thanksgiving this year, up 10% from the same period last year. Americans are ready to go on a shopping spree during Thanksgiving.

The survey found that despite unfavorable factors such as inflation and rising interest rates, most consumers (89%) will shop between November 24 and 25.

When asked where to shop, 63% of consumers said they would shop at retailers that offer prices and discounts. On the other hand, since many physical stores will be closed on Thanksgiving Day, many consumers will shop online. In addition to shopping on Thanksgiving, nearly 80% of consumers also said they would shop on Black Friday and Cyber ​​Monday.

It is worth noting that due to concerns about rising prices, more and more consumers are starting to shop in advance. The survey found that holiday season sales are getting earlier every year. This year, 38% of consumers started shopping in advance. Another two-thirds of consumers said that they don’t pay much attention to special promotion days such as Black Friday.

The survey also found that more than three-quarters of consumers will visit a shopping mall during Thanksgiving. Among this group, shopping (59%) and dining (48%) are the most important activities, followed by movies (29%), attending holiday-themed events (21%) or taking children to visit Santa Claus (15%).

In addition, 81% of consumers said that rising interest rates will affect their shopping behavior or payment methods on Thanksgiving. Among them, 37% will cut spending, 37% will use debit cards less often, 31% will pay with cash, and 23% will use "buy now, pay later."

ICSC President and CEO Tom McGee said that while high inflation and rising interest rates may affect consumers' purchasing behavior this holiday, it is clear that they will continue to spend. On the other hand, early holiday sales have not reduced people's shopping enthusiasm on holidays such as Thanksgiving, Black Friday and Cyber ​​Monday. It is expected that consumers' spending during this year's holiday will continue to set new highs, an increase from last year.

Editor ✎ Nicole/

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