Some turkey, dressing and shopping will be in store for a lot of consumers this Thanksgiving holiday.
According to a National Retail Federation survey, an estimated 153.8 million Americans are expected to shop in-person and online from Thanksgiving Day through Cyber Monday.
While many retailers have decided to again close on Thanksgiving, shoppers will be up early Black Friday looking for deals.
Because of supply chain issues, many retailers have encouraged customers to get their shopping done earlier this holiday season to avoid any delays.
According to market analysts the message got across as retail sales surged in October on items such as electronics, clothing and fitness gear.
Earlier this week, Target announced it will be closed on the holiday. It was closed last year because of the pandemic, and has decided to make the holiday closure permanent, the store announced.
“Black Friday and Cyber Monday are still good indicators of where the consumer is at. It may be that the timing is just getting more distorted, especially with supply chain issues and whether consumers are concerned about getting the products they want,” said Raya Sokolyanska, vice president/senior analyst at Moody’s Corp., a Manhattan-based financial services company.
Most brick-and-mortar stores will be closed Thanksgiving, mainly because of the labor shortage, according to industry experts.
The National Retail Federation is projecting that holiday sales in November and December will rise between 8.5% and 10.5% to between $843.4 billion and $859 billion, compared to holiday spending in the 2020 season. The season will set records for spending growth and the dollar amount spent, the federation projected.
However, retailers have been spreading out the deals for weeks.
Best Buy launched its Black Friday deals Friday, Target started Sunday and Walmart started Monday, said Kristin McGrath, shopping expert at BlackFriday.com.
“These retailers will release more deals on Thanksgiving. But Black Friday basically starts a week early now. … I think retailers want to extend the hype as long as they can,” she said.
The National Retail Federation expects retailers will hire between 500,000 and 665,000 seasonal workers. That compares with 486,000 seasonal hires in 2020, according to NRF data.
Because of the pandemic and safety concerns, online shopping became the norm.
Many industry experts believe ecommerce will remain strong, but in-store shopping will increase.
“Black Friday stopped being a one-day event years ago, and this year some consumers started shopping for Christmas as early as Halloween,” federation President and CEO Matthew Shay said.