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Black Friday, Cyber Monday broke shopping records despite economic concerns

Black Friday Shopping
Posted at 3:33 PM, Nov 29, 2022
and last updated 2022-11-29 16:39:11-05

Clothing, toys, electronics, you name it.

The big shopping weekend that includes Black Friday and Cyber Monday broke records this year.

About 196.7 million consumers shopped during the 5-day period from Thanksgiving to Cyber Monday, according to the National Retail Federation’s newest stats released Tuesday. This is the highest number the NRF has seen since they started tracking.

That’s 17 million more shoppers than last year. The biggest spenders of the weekend were households with a total income of $100,00 or more, according to the NRF.

More than 122.7 million people shopped at bricks-and-mortar stores over the weekend, which is also up from 2021.

“What we saw was a combination of factors really driving consumers to take advantage of some of the season's best sales and deals. One is certainly some pent up demand,” said Katherine Cullen, senior director for industry and consumer insights at the National Retail Federation. “We also saw that consumers who are facing some headwinds from inflation and higher prices are very focused on finding value this year.”

A record $9.12 billion was spent by consumers online shopping on Black Friday, according to Adobe Analytics.

About $325.44 was the average amount spent on holiday-related items during Thanksgiving weekend.

Online and department stores were the two most popular locations to shop over the weekend, according to the NRF. Clothing and toys were two of the most popular items purchased.

So what does all of this mean for our economy?

“It is certainly an encouraging sign to us that consumers turned out in force, that they are looking for deals and promotions, and that they are looking to celebrate the holidays with their family and loved ones,” said Cullen. “As we look forward, there are continuing challenges when it comes to inflation and higher prices. Certainly challenges heading into 2023. However, as of now, consumers are finding ways to make higher prices work within their budgets. They’re adjusting as needed, so that they can celebrate the holidays in a meaningful way.”

Cullen said for the overall holiday shopping season, NRF is forecasting that retail sales in November and December will grow between 6 and 8 percent on top of last year’s record growth.