US Thanksgiving Online Sales Rise 4% Amid Aggressive Retail Discounts
Online sales in the U.S. during Thanksgiving saw a 4% increase compared to last year, outpacing 2022’s 2% growth rate, according to Salesforce data. This upward trend highlights how consumers are taking advantage of significant discounts offered by retailers during this holiday season.
Retailers Push Deeper Discounts to Attract Budget-Conscious Shoppers
With inflation influencing consumer spending habits, retailers have ramped up holiday promotions earlier than usual. Best Buy CEO Corie Barry noted a sharper-than-expected decline in demand between major sales events, underscoring the necessity for aggressive discount strategies. Similarly, Target executives reported a robust response to promotions, showcasing how pricing strategies are swaying purchase decisions this year.
While department stores like Kohl’s and Macy’s remain cautious with their annual forecasts due to softening sales, brands such as Abercrombie & Fitch and Gap are experiencing heightened demand for fashionable apparel. Meanwhile, retail titans Walmart and Amazon are expected to benefit from mixed but steady holiday spending.
Peak Online Shopping Hours: What to Expect
Salesforce data reveals that 35% of Thanksgiving Day’s online sales are projected to occur between 7 p.m. and midnight EST, marking the evening hours as a critical shopping window. The insights, drawn from the traffic patterns of thousands of online retailers, emphasize the importance of timing for both consumers and businesses.
On Thanksgiving Day 2023, U.S. online sales reached $7.5 billion, a modest 1% increase from the previous year. Additionally, Cyber Week—a shopping period spanning from the Tuesday before Thanksgiving to Cyber Monday—is expected to generate $311 billion in global sales, based on Salesforce projections.
Toys, Appliances, and More: Thanksgiving Day Deals Shine
According to Adobe Analytics, Thanksgiving Day stands out as the prime opportunity to snag deals on toys, appliances, furniture, and sporting goods. These product categories are among the most heavily discounted, driving significant consumer interest.
Slowest Holiday Growth in Six Years
Despite the positive Thanksgiving sales figures, the broader holiday shopping season, running from Thanksgiving to Christmas, is projected to grow at its slowest pace in six years. Reports from the National Retail Federation and Deloitte suggest that while certain sectors may perform strongly, overall consumer spending remains cautious amid economic uncertainties.
Key Takeaways
Thanksgiving 2023 has kicked off the holiday shopping season with mixed signals. While discounts are boosting immediate sales, the overall season is shaping up to be more restrained compared to prior years. For consumers, this means plenty of opportunities for savings, particularly during the peak shopping hours and Cyber Week. For retailers, staying competitive through strategic pricing and promotions remains essential in capturing holiday dollars.
Tags: Thanksgiving online sales, holiday shopping trends, retail discounts, Cyber Week, Adobe Analytics
Source : Swifteradio.com
