Double Digit Drop Predicted in Holiday Shopping Sales
Early reports from the National Retail Federation indicate a disappointing kickoff to the 2014 holiday shopping season. The organization's 11th annual Thanksgiving Weekend Spending Survey conducted by Prosper Insights & Analytics, predicts an 11% drop in holiday shopping sales year over year.
According to the report overall shopper traffic from Thanksgiving Day through Sunday, November 30 dropped 5.2% from 2013 (133.7 million unique holiday shoppers versus 141.1 million in 2013). Total shopping, including multiple trips by the same shopper, was also down this weekend (233.3 million versus 248.6 million).
“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” said NRF President and CEO Matthew Shay. “We are excited to be witnessing an evolutionary change in holiday shopping by both consumers and retailers, and expect this trend to continue in the years ahead.”
Despite the predicted double-digit drop in holiday shopping there were some bright spots among the various outlets reporting holiday numbers. CGT's sister publication, RIS News, pulled out some of the most interesting nuggets from the Thanksgiving Weekend sales blitz. Click here to get the latest stats on Cyber Saturday (and Monday), The Social Shopper, Mobile Growth, Hot Retail Categories and more.
According to the report overall shopper traffic from Thanksgiving Day through Sunday, November 30 dropped 5.2% from 2013 (133.7 million unique holiday shoppers versus 141.1 million in 2013). Total shopping, including multiple trips by the same shopper, was also down this weekend (233.3 million versus 248.6 million).
“A strengthening economy that changes consumers’ reliance on deep discounts, a highly competitive environment, early promotions and the ability to shop 24/7 online all contributed to the shift witnessed this weekend,” said NRF President and CEO Matthew Shay. “We are excited to be witnessing an evolutionary change in holiday shopping by both consumers and retailers, and expect this trend to continue in the years ahead.”
Despite the predicted double-digit drop in holiday shopping there were some bright spots among the various outlets reporting holiday numbers. CGT's sister publication, RIS News, pulled out some of the most interesting nuggets from the Thanksgiving Weekend sales blitz. Click here to get the latest stats on Cyber Saturday (and Monday), The Social Shopper, Mobile Growth, Hot Retail Categories and more.