NRF: Millennials were big spenders over holiday weekend
Millennials helped turn Thanksgiving weekend into a win for most retailers.
Older millennials (25 to 34 years old), were the biggest spenders over the holiday weekend, according to a survey by the National Retail Federation, with an average spend of $419.52. That's about 25% higher than the overall average spend, which was put at $335.47.
From Thanksgiving Day through Cyber Monday, more than 174 million Americans shopped in stores and online, beating the 164 million estimated shoppers from an earlier survey by the NRF and Prosper Insights & Analytics. The survey found that over 64 million shopped both channels.
In addition, over 58 million shopped only online, and over 51 million shopped only in stores. The multichannel shopper spent $82 more on average than the online-only shopper, and $49 more on average than those shoppers who only shopped in stores.
The most popular day for in-store shopping was Black Friday, cited by 77 million consumers, followed by Small Business Saturday with 55 million consumers. The survey showed that shoppers were in the mood to find great deals. Among those who spent, 60% said the majority of their purchases were driven primarily by sales, and 48% said deals were better than earlier this season.
Top shopping destinations included department stores (43%), online retailers (42%), electronic stores (32%), clothing and accessories stores (31%) and discount stores (also 31%).
Some of the most popular gifts purchased included clothing or accessories (58%), toys (38%), books and other media (31%), electronics (30%) and gift cards (23%).
The NRF noted that this year’s Thanksgiving weekend results do not include historical data from past years due to changes made to the survey methodology to help better understand consumers’ shopping experience and to include Cyber Monday in the calculations.
Older millennials (25 to 34 years old), were the biggest spenders over the holiday weekend, according to a survey by the National Retail Federation, with an average spend of $419.52. That's about 25% higher than the overall average spend, which was put at $335.47.
From Thanksgiving Day through Cyber Monday, more than 174 million Americans shopped in stores and online, beating the 164 million estimated shoppers from an earlier survey by the NRF and Prosper Insights & Analytics. The survey found that over 64 million shopped both channels.
In addition, over 58 million shopped only online, and over 51 million shopped only in stores. The multichannel shopper spent $82 more on average than the online-only shopper, and $49 more on average than those shoppers who only shopped in stores.
The most popular day for in-store shopping was Black Friday, cited by 77 million consumers, followed by Small Business Saturday with 55 million consumers. The survey showed that shoppers were in the mood to find great deals. Among those who spent, 60% said the majority of their purchases were driven primarily by sales, and 48% said deals were better than earlier this season.
Top shopping destinations included department stores (43%), online retailers (42%), electronic stores (32%), clothing and accessories stores (31%) and discount stores (also 31%).
Some of the most popular gifts purchased included clothing or accessories (58%), toys (38%), books and other media (31%), electronics (30%) and gift cards (23%).
The NRF noted that this year’s Thanksgiving weekend results do not include historical data from past years due to changes made to the survey methodology to help better understand consumers’ shopping experience and to include Cyber Monday in the calculations.