Robert Besser
02 Dec 2022, 15:07 GMT+10
WASHINGTON D.C.: The National Retail Federation (NRF) has reported that even as inflation has negatively affected many household budgets, heavy discounts during the Thanksgiving weekend encouraged more Americans to go shopping.
During the five-day holiday period from Thanksgiving Day through Cyber Monday, a record 196.7 million shoppers made purchases in stores and online, above the NRF's expectations of 166.3 million and up more than 9 percent from last year.
"The Thanksgiving holiday shopping weekend is a tradition treasured by many American families. As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible," said NRF President Matthew Shay, as quoted by Reuters.
On average, consumers spent $325.44 on holiday-related purchases over the the weekend, a rise of about 8 percent from last year, the NRF said.
"It is important to note that while some may claim that retail sales gains are the result of higher prices. It is consumer demand that is driving growth," Shay added.
The group stressed that clothing, toys, video games and electronics witnessed strong sales, as shoppers found discounts to be better than expected.
According to figures released by Mastercard SpendingPulse, which measures in-store and online sales across all forms of payments, U.S. retail sales increased some 11 percent between Thanksgiving Day and the weekend following the holiday.
Get a daily dose of Philadelphia Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Philadelphia Herald.
More InformationWASHINGTON D.C.: Tesla confirmed this week that the US Justice Department has requested documents related to its Full Self-Driving and ...
TOKYO, Japan: Toyota has announced that it sold 10.5 million vehicles in 2022, maintaining its position as the world's top-selling ...
NEW YORK, New York - Technology stocks had a hay day Thursday with Facebook parent Meta rocketing up nearly 30 ...
FRANKFURT, Germany: Data released this week showed that the German economy unexpectedly shrank in the fourth quarter of 2022, indicating ...
TOKYO, Japan: In a statement posted on the website of the Chinese Embassy in Tokyo, Beijing announced that it will ...
NEW YORK, New York - The U.S. dollar crumbled on Thursday after first posting gains. The late afternoon sell off ...
BOSTON, Massachusetts: Russian businessman Vladislav Klyushin, who has ties to the Kremlin, has been accused of making tens of millions ...
TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...
DALLAS, Texas: Oil and gas pipeline operators are preparing to stockpile equipment following severe weather forecasts for the next few ...
WASHINGTON D.C.: As US lawmakers investigate the Chinese-owned video-sharing app TikTok, its Chief Executive, Shou Zi Chew, has confirmed that ...
TEHRAN, Iran: A gunman this week stormed the Azerbaijan Embassy in the Iranian capital, Tehran, and killed its security chief ...
WASHINGTON, DC - FBI agents on Wednesday searched for classified documents at U.S. President Joe Biden's vacation retreat in the ...