Retail Association of Nevada
After the traditional turkey feast was wrapped up, consumers throughout Nevada kicked off the long shopping weekend by heading to stores and online retailers to take advantage of this year’s best deals and markdowns over the Thanksgiving weekend continuing into Cyber Monday.
In the Silver State, the Retail Association of Nevada (RAN) estimates that over 1.7 million people spent a total of $516.3 million on gifts, decorations and other merchandise over the five-day period.
Nationwide, an estimated 179.8 million consumers shopped over the Thanksgiving weekend and on Cyber Monday, marking a 3.5 percent decrease from 2020 as nearly half of consumers took advantage of early holiday sales before the weekend. Shoppers over the five days spent an average of $301.27, with over $215 going toward gifts and holiday items, according to NRF survey data.
“Consumers turned out in a big way over Thanksgiving weekend, but unlike in the past, Black Friday is no longer the unofficial start to the holiday season; Thanksgiving weekend is now more like halftime than kickoff, with consumers beginning their shopping weeks and months in advance to find the best deals,” said Bryan Wachter, Senior Vice President of RAN. “Retailers may have left stores dark this year on Thanksgiving, but with pandemic-driven investments in e-commerce, consumers have more options than ever when it comes to holiday shopping.”
RAN forecasts consumer retail sales in Nevada to grow by 10.0 percent during the holiday shopping season this year to reach a record $5.5 billion. The projected surge in holiday shopping would continue the months-long trend of rising retail sales, which have been aided in part by rising personal incomes from pandemic-related federal stimulus programs, higher savings rates and growing wages amid the tight labor market. The holiday shopping season spans November and December, and consumer spending figures exclude auto sales, restaurants and gasoline. On the national level, holiday consumer spending is projected to increase between 8.5 and 10.5 percent, according to the NRF.
During the Thanksgiving weekend shopping period, an estimated 104.9 million consumers shopped in-store, up 13.7 percent from 2020, while 127.8 million consumers shopped online (-12.1 percent), according to NRF survey data. The busiest day of the shopping weekend for in-store purchases came on Black Friday when an estimated 66.5 million consumers hit the stores. Black Friday was also the most popular day for online shopping with 88.0 million consumers making a purchase from behind a screen. Cyber Monday came in close second for online shoppers with an estimated 77.0 million consumers.
A growing trend for consumers across the United States in recent years has been getting an earlier start on holiday shopping to avoid busy retailers during Thanksgiving weekend. In 2021, an estimated 49.0 percent of shoppers had already taken advantage of early holiday sales prior to Thanksgiving weekend. The long holiday season offers further flexibility for shoppers as Thanksgiving weekend is no longer the only time retailers are offering deals and discounts. According to an NRF survey, 84.0 percent of consumers indicated that they had already started their holiday shopping by Thanksgiving, and those consumers had completed roughly 52.0 percent of the total holiday purchases.
Top purchases over the Thanksgiving shopping weekend included apparel (purchased by 51 percent), toys (32 percent), gift cards (28 percent), books and video games (27 percent) and electronics (24 percent), according to the NRF.
In addition to traditional holiday shopping at brick-and-mortar retail outlets, online sales continue to play a growing role in American shopping habits. According to an analysis by Adobe Digital Insights, online sales in the U.S. reached $33.9 billion during Cyber Week (Thanksgiving Day through Cyber Monday), a 1.4 percent decrease from a year ago. That total included $8.9 billion on Black Friday and $10.7 billion on Cyber Monday, which was 1.4 percent shy of last year’s record-setting total. Total online sales from Nov. 1 to Nov. 29 climbed 11.9 percent compared to a year ago to reach $109.8 billion.
Nevada’s nonstore retail sales, which include online retailers, currently sit at an all-time high. In the 12 months through September 2021, nonstore retail sales totaled nearly $5.3 billion, a 28.9 percent year-over-year increase. Due to the pandemic and the social distancing restrictions that came with it, nonstore retail sales have seen a significant jump over the past year and a half, and based on that trend, RAN estimates that total nonstore retail sales this holiday season could exceed $1.1 billion.
