A record number of 196.7 million holiday shoppers flocked back to stores from Thanksgiving Day to Cyber Monday, according to a survey by the National Retail Federation.
The group said Tuesday the holiday shopping season sales are on track to meet its forecast. It anticipates that holiday sales will rise by 6% to 8% from last year to between $942.6 billion and $960.4 billion.
Just on Cyber Monday, shoppers pushed sales to $11.3 billion, making it the biggest U.S. online shopping day in history, according to data from Adobe Analytics. Sales rose 5.8% from a year ago.
Inflation-weary shoppers are still expected to come back to stores on a regular basis as retailers have signaled a return to pre-pandemic shopping patterns.
“Consumers are out shopping, but they’re out shopping when they see deals and when they get the promotions that meet what it is they’re looking for, and so you can get them engaged, but you’ve got to deliver value and price,” said NRF CEO Matt Shay on a call with reporters.
Toys were the hottest products on Cyber Monday, jumping nearly eight-fold compared to an average day in October 2022. Electronics sales rose about five-fold, followed by sporting goods, appliances and books.
Shoppers spent an average of about $325 on holiday-related purchases over the weekend. That’s higher than last year’s average of $301.