Thanksgiving will see as many as 164 million shoppers spending their way through the holiday weekend and into Cyber Monday.
That’s according to data released by the National Retail Federation (NRF) and Prosper Insights & Analytics. The data is part of the annual survey released ahead of the holiday.
Of the 7,516 consumers surveyed, 21 percent state they will shop on the actual day of Thanksgiving, and Black Friday, the choice of 71 percent of shoppers, will be the biggest day of the Thanksgiving holiday period.
“Forty-one percent (which translates to 67 million of the projected 164 million shoppers) are expected to shop on Small Business Saturday, and 78 percent of those say they will do so specifically to support small businesses. On Sunday, 20 percent (32 million) are expected to shop. The shopping weekend will wrap up on Cyber Monday when 46 percent (75 million) are expected to take advantage of online bargains,” said the NRF.
As many as 65 percent of shoppers will open their wallets to take advantage of deals and retail promotions. Roughly 26 percent stated they will shop because it is a tradition. Another 23 percent said they start their holiday shopping over the weekend.
“We’re seeing a change in how the younger consumers see the weekend,” Prosper Insights Executive Vice President of Strategy Phil Rist said in a statement that accompanied the data. “Compared to older generations, younger consumers under the age of 35 are more likely to be attracted by the social aspects of shopping over the weekend or by the fact that it is a family tradition.”