Nov. 21, 2024 — A record 183.4 million people are expected to shop in-store and online from Thanksgiving Day through Cyber Monday this year, according to a survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics. This marks an increase from the previous record of 182 million in 2023 and is 18.1 million more than five years ago in 2019.

According to the survey, 57% of respondents cited deals as the primary reason for shopping during the five-day period, while 28% indicated it was a holiday tradition, and 24% preferred to start their holiday shopping during this time.

Black Friday is anticipated to be the most popular day for shopping, with 72% of consumers (131.7 million people) planning to shop either in stores or online. Among them, 65% plan to visit physical stores. Cyber Monday follows, with 39% (72.3 million people) expected to participate in online shopping.

Holiday shopping has started earlier for many, with 58% of consumers reporting they had already begun their purchases by early November. On average, shoppers have completed 25% of their planned holiday purchases so far.

“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” explains Phil Rist, Prosper Insights & Analytics executive vice president of strategy. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”

Among those not currently planning to shop during the weekend, 51% said they could be persuaded by factors such as discounts on desired items, free shipping, or encouragement from friends or family.

The NRF has forecast that total holiday spending for November and December could reach record levels, with growth projected between 2.5% and 3.5%. This would bring total spending to between $979.5 billion and $989 billion.