New report from International Council of Shopping Centers found an estimated 151m people visited a US mall or shopping centre over the weekend.
As consumers hunt for the best deals of the season, the International Council of Shopping Centers’s (ICSC) Thanksgiving Weekend Consumer Survey found that physical retail remains the hub of holiday shopping.
Black Friday is known as the biggest shopping day of the year, and bolstered by a booming economy, shoppers were highly motivated to take advantage of deals and head to the stores. ICSC found that 49% of shoppers spent more than in 2017, and 30% spent the same as last year. Gift-buying claimed the largest share of this spending, with shoppers spending an average of $227.70 on Thanksgiving and Black Friday. The shopping is not expected to stop on Black Friday, as adults surveyed planned to spend $189.90 on the Saturday and Sunday after the big day.
Tom McGee, president and CEO of the International Council of Shopping Centers, commented: “Black Friday kicked the holiday shopping season into high gear, driven by positive consumer sentiment and great deals from retailers. More shoppers visited their local mall or shopping centre this year than last year, proving again that this holiday season is going to be strong and that consumers want to spend money on gifts for family and friends.”
Omnichannel retailers – those with a physical and online presence – were overwhelmingly the preferred destination for holiday shoppers, capturing 88% of spending on Thanksgiving Day and Black Friday, demonstrating once again that having multiple options for consumers to take advantage of is a winning strategy.
Among shoppers that utilised click-and-collect (27% on Thanksgiving Day and Black Friday), 64% made an additional in-store purchase. The halo effect will also be a major influence today (Cyber Monday), as 80% of shoppers surveyed say they plan to purchase from omnichannel brands.
Tom added: “Retailers are investing heavily in both in-store and online channels, and consumers are the ultimate beneficiary. When consumers think of Thanksgiving Weekend and Cyber Monday, they think of big brands and great deals, and an omnichannel experience offers the best of both worlds. To capitalise on this, retailers have been investing in their store network and so far the results have been impressive.”