Retailers saw record-breaking sales over the Thanksgiving weekend, with U.S. consumers spending over $41 billion online alone, an increase of 8.2% from the previous year. In-store and online sales tracked by MasterCard rose on Black Friday, with e-commerce purchases surging. Many shoppers are focused on finding deals and bargains, as they are cautious about spending due to a perceived gloomy economic outlook. The holiday season has seen deep discounts and increased online competition among retailers, leading to lower prices for consumers.
Despite the high sales numbers, not all retailers are benefiting equally, and some are experiencing softer foot traffic in physical stores. Shoppers are taking their time and comparing prices at multiple retailers before making a purchase. However, overall sales growth is outpacing inflation rates, indicating that many consumers are spending beyond necessary expenses.
In addition to retail sales, leisure experiences saw a boost over the Thanksgiving weekend. Movie ticket sales reached a new record high, and travel volumes also surged, with more passengers passing through airport security compared to the previous year. Many consumers, especially Gen Z and millennials, are maintaining their spending on travel and experiences while also taking advantage of deals and discounts in the retail sector.
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