WASHINGTON, November 30, 2014 — Early holiday promotions, the continued growth of online shopping, and an improving economy changed the way millions of people approached the biggest shopping weekend of the year. According to NRF’s Thanksgiving Weekend Spending Survey conducted by Prosper Insights & Analytics, 55.1 percent of holiday shoppers were or will be in stores and online over Thanksgiving weekend, down from 58.7 percent last year. Overall shopper traffic from Thanksgiving Day through Sunday, November 30 dropped 5.2 percent 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). This is the 11th survey NRF has released in partnership with Prosper.
And:
According to the survey the average person who shopped or will shop the holiday weekend will spend $380.95, down 6.4 percent from $407.02 last year. Total spending is expected to reach $50.9 billion, down from last year’s estimated $57.4 billion. Additionally, more than three-quarters (77.2%) say they took advantage of retailers’ online and in-store promotions to buy non-gift items for themselves or their family, similar to last year’s 76.4 percent.
In other words, even people who shopped were stingy. The amount spent per person is another reflection about whether Americans are optimistic about the economy. Despite improvement in the jobs picture, people remain anxious.
E-commerce numbers were just as depressing:
Holiday shoppers weren’t only in stores on Thanksgiving, they were also online, though it seems early online promotions before the big weekend may have taken some of consumer’s spending power with them. According to the survey the average person who shopped over the weekend spent $159.55 online, approximately 41.9 percent of their total average budget, down 10.2 percent from $177.67 last year.
While healthy retailers like Amazon.com Inc. (NASDAQ: AMZN) and Macy’s Inc. (NYSE: M) may be hurt by the drop, some retailers may barely survive it. Sears Holdings Corp. (NASDAQ: SHLD) and J.C. Penney Co. Inc. (NYSE: JCP) needed a holiday season in which a rising tide lifted all boats.
Finally, the news is bad for the hundreds of thousands of temporary employees hired by retailers for the holidays. For many, the opportunity was a path to a full-time job. The path apparently has been blocked.
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