Shoppers came out in droves over the Thanksgiving holiday shopping weekend. Approximately 154 million consumers — 3 million more than last year — showed up to fill their carts both in stores and online, spending a total of $5.27 billion on Thanksgiving Day and Black Friday combined. That’s a 17.7% increase year over year.
The figures were impressive on almost all accounts. Almost. Only 99 million made their way into the store, a decrease of 3 million over 2015 as consumer preferences shift toward digital. That, however, contributed to the more than 108 million people shopping online, an increase of 5 million from last year.
Online sales came in at $3.34 billion on Black Friday. Not only was that a record, it surpassed the $3 billion mark for the time in history and accounted for a 21.6% increase over last year’s $2.74 billion. And that doesn’t count any of the shopping that was done on Cyber Monday.
Mobile sales also saw a big increase, bringing in $1.2 billion on Black Friday. Millennials, who are the largest demographic in the country, were the most active shoppers both in store (56%) and online (62%), with eight in every 10 making purchases over the holiday weekend.
But there’s plenty of money still left on the table. The NRF survey found that only 9% of consumers are done with their holiday shopping after the Thanksgiving weekend, which was down 11% from the previous year.
I still think we’re in for a big holiday season, although we may have already seen the best for most apparel companies. I suspect people will spend more on homes, with new and existing housing numbers recently coming in at levels not seen in years. Electronics sales should also pick up, as well as experiences.
The Best-Positioned Holiday Shopping Winners
Yet, as we can see from the survey results above, there are still a lot of folks out there who will keep shopping well into December, and I expect two companies in particular to benefit.