The busiest shopping time of the year is here and an estimated 164 million people are expected to shop during the Thanksgiving weekend, according to a National Retail Federation survey. Eddie Giesing with the Missouri Retailers Association tells Missourinet nationwide retail sales are expected to be around $682 billion this season.
“This holiday weekend coming up for shoppers is going to actually increase by 3.4% to 4% over last year. So, you’re talking billions and billions of dollars,” says Giezing.
About 20% plan to shop on Thanksgiving Day but Black Friday will remain the busiest day with 70% planning to shop then.
“Missouri figures are really probably just very close to the national figures,” says Giezing. “Almost every state is going to be very close to the national because when they do their surveys, it’s through a whole wide range of consumers.”
Roughly two-thirds say they are shopping to specifically support Small Business Saturday – an effort to support local small businesses during the holiday season. On Sunday, about 21% expect to shop and 48% plan to shop on Cyber Monday. For the first time in survey history, the retail figures include Cyber Monday.
Adults 18 to 24 are expected to increase their spending the most.
The average shopper is projected to buy about $967 worth of gifts this season. Of the 7,500 consumers surveyed, about 61% plan to buy gift cards – the highest level in 12 years.
About 550,000 temporary jobs nationwide are also predicted to be created this season.