Shoppers are hardly running out of steam.
Over the Thanksgiving weekend, a record 196.7 American consumers shopped in stores and online, according to a report by the National Retail Federation and Prosper Insights & Analytics. That’s 17 million more people than last year.
This came as retailers offered unusually steep discounts on goods due to their inventory pileups resulting from consumers dedicating a more significant portion of their budgets toincreasingly expensive necessities like food and gas.
Data from Thanksgiving through Cyber Monday suggests that consumers didn’t skimp on spending despite inflation. The holiday weekend is typically one of the busiest shopping periods of the year.
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Xbox Series X and Legos were among the top purchases
Over the holiday weekend, the top spending categories were the typical culprits: apparel and accessories, toys and gift cards, per NRF and Prosper Insights.
Half of the shoppers they surveyed bought clothing and accessories while 31% bought toys and 27% purchased gift cards.
More specifically, on Black Friday the top items consumers purchased were the Xbox Series X, Bluey toys and other goods, Call of Duty: Modern Warfare II, Drones and Macbook, according to Adobe.
On Cyber Monday, the top purchases were Legos, PlayStation 5, Hot Wheels, Madden 23 and Smart Watches.
How much money was spent on Black Friday 2022?
On Black Friday alone, consumers spent $9.12 billion online according to data from Adobe Analytics. That’s up more than 2% compared to last year. On Cyber Monday, shoppers spend $11.3 billion, up almost 6% from last year. That shakes out to about $12.8 million spent every minute from 5 to 6 p.m. EST, the peak shopping hour of Cyber Monday, Adobe Analytics found.
Shoppers spent an average of $325 on holiday-related purchases from Thanksgiving through Cyber Monday, according to the NRF and Prosper Insights report. That exceeded spending over the past two years but is below pre-pandemic levels.
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How good were the deals?
In the U.S. goods sold over the Thanksgiving weekend were marked down an average of 30%, according to Salesforce data. Shoppers saw the biggest discounts on home appliances, which were marked down by an average of 42%. Apparel and luxury handbags experienced the second and third biggest discounts across all spending categories at 33% and 32%, respectively.
Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here
Story Credit: usatoday.com