Robert Besser
02 Dec 2022, 15:07 GMT+10
WASHINGTON D.C.: The National Retail Federation (NRF) has reported that even as inflation has negatively affected many household budgets, heavy discounts during the Thanksgiving weekend encouraged more Americans to go shopping.
During the five-day holiday period from Thanksgiving Day through Cyber Monday, a record 196.7 million shoppers made purchases in stores and online, above the NRF's expectations of 166.3 million and up more than 9 percent from last year.
"The Thanksgiving holiday shopping weekend is a tradition treasured by many American families. As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible," said NRF President Matthew Shay, as quoted by Reuters.
On average, consumers spent $325.44 on holiday-related purchases over the the weekend, a rise of about 8 percent from last year, the NRF said.
"It is important to note that while some may claim that retail sales gains are the result of higher prices. It is consumer demand that is driving growth," Shay added.
The group stressed that clothing, toys, video games and electronics witnessed strong sales, as shoppers found discounts to be better than expected.
According to figures released by Mastercard SpendingPulse, which measures in-store and online sales across all forms of payments, U.S. retail sales increased some 11 percent between Thanksgiving Day and the weekend following the holiday.
Get a daily dose of Mexico City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico City Sun.
More InformationDubai [UAE], December 1 (ANI): Prime Minister Narendra Modi met the United Kingdom Prime Minister, Rishi Sunak, on the sidelines ...
New Delhi [India], December 1 (ANI): The eighth edition of the Global Technology Summit (GTS) will be held in New ...
LIMA, Peru - A Kichwa tribal leader has been shot to death in an area of the Peruvian rainforest that's ...
Los Angeles [US], December 1 (ANI): And the wait is finally over. The trailer of Anya Taylor-Joy, Chris Hemsworth-starrer 'Furiosa' ...
The president-elect made the announcement after visiting WashingtonArgentina's president-elect, Javier Milei, announced on Wednesday that he has chosen former Wall ...
© Provided by Xinhua Brazil is the biggest oil producer in South America and is among the world's top 10 ...
VERMONT, USA - An Irish-Palestinian-U.S. citizen was among three university students of Palestinian descent injured in a shooting on Saturday ...
DUBAI, UAE: On November 24, countries participating in a five-day conference hosted by the International Civil Aviation Organization in Dubai ...
Argentine President-elect Javier Milei's foreign minister-designee has announced that Argentina will not be joining BRICS, an international grouping of countries ...
Dubai [UAE], December 1 (ANI): Prime Minister Narendra Modi on Friday wrapped up his day-long visit to the UAE after ...