The National Retail Federation (NRF), the nation’s largest retail trade group, estimates that record numbers of consumers will shop on days called Super Saturday.
In fact, more than 158 million people are expected to enter stores and go online on December 17, the last Saturday before Christmas and a major revenue generating day for businesses. According to Phil Rist, Prosper VP of Strategy, 70% say their shopping plans will also occur after December 25 to “take advantage of retailers’ sales and promotions.”
Still, the projected figure for Super Saturday is 10 million more than in 2021, the highest number of consumers since the retail trade group started tracking this information six years ago.
CYBER MONDAY EXPENDITURES Reached $11.3 Billion
Earlier this month, NRF Chief Economist Jack Kleinhenz said consumer spending will likely remain strong in the final months of 2022, “although the fast pace continues to slow.”
It’s already been a pretty crazy shopping season, with consumer spending hitting a new record on Black Friday, Thanksgiving, and Cyber Monday, NRF previously reported.
“Consumers made a record number of purchases this year, purchasing holiday items for friends and loved ones,” NRF CEO Matthew Shay said in a statement. Said.
NRF estimates that 44.1 million people plan to shop in stores only, while 42.2 million will shop online only. According to their estimates, approximately 72.2 million people plan to shop both in-store and online.
ONLINE SALES BREAK A RECORD ON BLACK FRIDAY
But paying for holiday gifts is changing. More than half of consumers trust alternative payments or digital wallets.
Paypal is the most common way for shoppers to pay the bill, followed by Apple Pay and Cash App.
According to the data, around 80% of younger shoppers aged 18 to 24 have already used an alternative payment or digital wallet this season.
Overall, NRF forecasts sales to increase by 6% to 8% over 2021 for the full season from November 1st to December 31st. That means total spending will fall between $942.6 billion and $960.4 billion.
CLICK HERE TO REACH FOX JOB IN MOTION