A record 190M people shopped over holiday
WASHINGTON — A record 189.6 million Americans went shopping over the five-day Thanksgiving weekend, the National Retail Federation said Tuesday, and most of them did their spending online.
The new bar represents a 14% increase from last year, the industry lobbying group said. About 142 million consumers shopped online, 124 million flocked to stores, and roughly 76 million did both.
“Americans continue to start their holiday shopping earlier in the year, and Thanksgiving is still a critical weekend for millions,” Matthew Shay, president of NRF, said in a statement.
After weeks of hinting that a trade deal with China was on the horizon, President Donald Trump reversed course Tuesday, saying that he was willing to wait until after the 2020 presidential election to strike an agreement. Major markets tumbled more than 1% following the news. On Tuesday afternoon, hours after its optimistic update on holiday spending, the NRF cautioned that trade uncertainties are “a bad deal” for “every segment of the economy.”
Consumer spending, which makes up more than two-thirds of the U.S. economy, has remained a bright spot. But some economists say they’re watching to see whether the momentum will continue into 2020.
The shorter holiday shopping season, combined with Trump’s trade wars and other economic and political uncertainties, have fueled fears that consumers could pull back at any point. There also are signs that consumers are taking on more debt to pay for their purchases, which economists say could spell trouble for the economy.
Consumers spent an average of $361.90 from Thanksgiving through Cyber Monday, a 16% increase from last year, when holiday spending fell short of expectations.