A record number of holiday shoppers turned out from Thanksgiving Day to Cyber Monday, according to the National Retail Federation.
During last year's holiday weekend, the turnout was 179 million. The NRF had predicted a turnout of 166.3 million.
The group did not say how much was spent over the weekend, but said it was on track to meet growth in holiday sales. There will be an increase from inflation.
On key days during the holiday shopping weekend, online spending hit a new high. Black Friday sales reached $9.12 billion and Cyber Monday sales reached $11.3 billion according to the company.
A variety of factors could be to blame for the higher sales total. It's possible that consumers are willing to buy if the item is on deep discount. It could mean a return to the pre-pandemic timetable of holiday shopping, with people concentrating their gift buying around Black Friday and in the final sprint before Christmas Day.
Or it could be a more difficult year in the future. If Americans are funding shopping spree by cutting savings rates and using Buy Now Pay Later, they will have less money to spend in the months to come.
Retailers are giving a more cautious outlook. Hot dogs and peanut butter are cheaper than discretionary items, according to Walmart. Target cut its forecast. Customers are more interested in shopping during sales events, according to Best Buy.
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