Black Friday 2023 Sales Predictions

Thanksgiving week brings out all the deals and all the shoppers – representing approx 16.7% of retail sales for the season. With three major shopping days, Thanksgiving, Black Friday and Bank Holiday Monday, retailers see this as the start of the holiday shopping season and expect their books to go from red to black over the weekend. The National Retail Federation estimates that 19% of annual retail sales occur between Black Friday and Christmas.

74% of Americans are expected to shop this week

This year it is predicted that 74% of holiday shoppers will spend their money – the highest number since 2017, the first year the National Retail Federation began tracking this data. That means 15.7 million more people may be out shopping this holiday weekend than last year.

“Thanksgiving weekend marks some of the busiest shopping days of the year as consumers enjoy the tradition of shopping for the perfect gifts for friends and loved ones,” said NRF President and CEO Matthew Shay. “Retailers have been preparing for this occasion for months. They are stocked and ready to help customers find the gifts and other items they want at great prices throughout the holiday season.”

Whether shoppers are buying gifts, items they’ve been waiting to buy on sale, or holiday decorations, they’re expected to come out in droves this week. With 130.7 million people expected to shop on Black Friday, 71.1 million on Cyber ​​Monday and 32.5 million people likely to shop on Thanksgiving.

Vacation expenses

Holiday spending is projected to increase 3% to 4% in November and December of this year, with total sales between $957.3 billion and $966.6 billion. Last year holiday sales during the same period were $929.5 billion.

According Deloitte report, holiday spending during Thanksgiving week is expected to reach new highs. Consumers plan to spend an average of $567 during the Black Friday to Cyber ​​Monday shopping events, which will be a 13% increase from last year. And Millennials are expected to drive 43% of sales during shopping week, with 68% planning to buy gifts for themselves.

Statista conducted a survey asking shoppers what they planned to buy this holiday weekend, 48% of respondents plan to buy clothing, 36% plan to buy consumer electronics, 32% plan to spend on shoes, 27% on accessories and 26% on books, movies, music and games.

The same survey found that 41% of US respondents said they would shop online, 28% were undecided and 25% planned to go to brick-and-mortar stores.

We can finally expect sales to reach pre-pandemic levels, making this holiday season a windfall for retailers and consumers.