Holiday shopping officially gets underway this weekend, and people apparently have money to burn.
The National Retail Federation predicts over 166 million people will shop from Thanksgiving Day through Cyber Monday, which is 8 million more than last year.
"While there is much speculation about inflation’s impact on consumer behavior, our data tells us that this Thanksgiving holiday weekend will see robust store traffic with a record number of shoppers taking advantage of value pricing," NRF President and CEO Matthew Shay said in a statement.
A recent survey from NRF shows the top reasons consumers plan to shop during Thanksgiving weekend are because the deals are too good to pass up (59%), because of tradition (27%) or because it is something to do (22%) over the holiday.
Black Friday continues to be the most popular day to shop, with 114.9 million people planning to shop, followed by 63.9 million on Cyber Monday, according to NRF. Among Black Friday shoppers, 67% say they expect to head to stores -- up from 64% in 2021.
Holiday shoppers are projected to spend 7.1% more than they did in 2021, according to a survey by MasterCard. While many will be shopping online, the survey predicts in-store retail sales will be up about 8% compared to last year.
Similarly, a Bank of America survey found that 18% of shoppers plan to spend more than they did last year -- but with inflation, they may not be getting quite the bang for their buck.
According to the survey, 1-in-3 (36%) will spend an average of $1,000 or more during the holiday season.
At the same time, 45% of shoppers told Bank of America they plan to spend less this holiday season, by about $500. The survey found 39% plan to buy fewer expensive gifts this year to help curb costs, while another 39% to buy fewer gifts altogether.