Consumers spent $5.6 billion on Thanksgiving Day — but not on turkey

During the Thanksgiving holiday, Americans displayed their generous spending habits, contributing to a substantial increase in overall expenditure compared to the previous year. The total expenditure amounted to a staggering $5.6 billion, reflecting a noteworthy 5.5% surge from the preceding Thanksgiving. A significant portion of this shopping spree, approximately $3.3 billion, occurred online, showcasing a growing trend of consumers utilizing smartphones and tablets to make purchases, especially during late-night Thanksgiving gatherings.

Mobile devices played a pivotal role in securing the best deals, emphasizing their escalating importance in e-commerce. During this festive shopping extravaganza, notable purchases included popular toy items like Barbie dolls, Disney Little People, and Marvel-branded superhero action figures. Additionally, consumers were drawn to various products, ranging from video games such as Call of Duty: Modern Warfare III and Hogwarts Legacy to Bluetooth speakers, holiday decorations, robot vacuums, tablets, and workout gear.

This surge in spending also witnessed a shift in consumer behavior, with fewer individuals opting for curbside pickup and a notable uptick in the utilization of Buy Now Pay Later (BNPL) options. BNPL transactions amounted to $390 million on Thanksgiving, a substantial increase from the previous year. The trend is anticipated to persist, with an estimated $782 million in BNPL spending expected on Black Friday and Cyber Monday. Amidst higher-than-normal inflation in 2023, retailers initiated holiday sales earlier to assist consumers in managing their budgets. However, experts caution against impulsive gift-buying, highlighting the potential risks of overspending during the holiday season………[read more]

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Rising-Dough-e1700879911412 Consumers spent $5.6 billion on Thanksgiving Day — but not on turkey | CBS Texas What strategies can businesses employ to effectively leverage the increasing reliance on mobile devices for e-commerce transactions amid a record-high shopping season and evolving consumer behaviors?

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Jason Munoz

9 months ago

To harness the surge in mobile e-commerce, businesses should prioritize mobile-optimized platforms, streamlined user experiences, personalized recommendations, diverse secure payment options, targeted mobile advertising, AR/VR integration, responsive customer support, optimization for speed, and engaging post-purchase interactions.

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Matt

9 months ago

What strategies can businesses employ to effectively leverage the increasing reliance on mobile devices for e-commerce transactions amid a record-high shopping season and evolving consumer behaviors?

The strategies that businesses can employ to effectively leverage the increasing reliance on mobile devices is by making sure their websites are mobile friendly and making sure that they use mobile marketing channels, like social media, notifications, etc.