Black Friday 2023 Sales Predictions

Thanksgiving week brings out all the deals and all the shoppers – accounting for approximately 16.7% of retail sales for the season. With three major shopping days, Thanksgiving Day, Black Friday, and Cyber Monday, retailers consider this the beginning of the holiday shopping season and expect their books to go from red to black over the long weekend. The National Retail Federation estimates that 19% of annual retail sales occur between Black Friday and Christmas.

74% Of Americans Expected To Shop This Week

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

“The Thanksgiving holiday 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,” NRF President and CEO Matthew Shay said. “Retailers have been preparing for months for this occasion. They are stocked and ready to help customers find the gifts and other items they want at great prices during the entire holiday season.”

Whether shoppers are purchasing gifts, items they’ve been waiting to buy at a discount, or holiday decorations, they are expected to be 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 Day.

Holiday Spending

Holiday spending is predicted to grow 3% to 4% during November and December this year, with sales totaling between $957.3 billion to $966.6 billion. Last year holiday sales over the same period were $929.5 billion.

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

Statista conducted a survey asking shoppers what they were intending to purchase this holiday weekend, 48% of the people surveyed intend to buy clothing, 36% are looking to purchase consumer electronics, 32% are looking to spend on shoes, 27% on accessories, and 26% on books, movies, music, and games.

The same survey found that 41% of U.S. respondents said they would be shopping via online stores, 28% were undecided, and 25% planned on heading to brick-and-mortar stores.

We can finally expect sales to hit pre-pandemic levels, making this holiday season one to look forward to for retailers and consumers alike.