LANSING, Mich. (Michigan News Source) – Retail sales are projected to reach a record $75 billion for the Thanksgiving holiday weekend, according to Bain & Company, a management consulting firm.
Black Friday kicks off the holiday shopping season.
The Thanksgiving holiday starts on Black Friday and continues to Cyber Monday.
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Overall spending is expected to exceed $20 billion on Black Friday, the traditional day-after-Thanksgiving spending spree when many retail stores post their best sales of the year.
The spending is projected to be near a 50-50 split, with $10 billion spent online Nov. 29 and another $10 billion in the brick-and-mortar outlets, according to Capital One shopping research.
How many people will shop on Black Friday and Cyber Monday?
About 139 million Americans are projected to shop on Black Friday and they will spend on average $480 on that day, according to Capital One.
Cyber Monday, which is Dec. 2 and celebrates online shopping, is not as trendy, according to Bain & Company.
“Cyber Monday, however, has seen its relevance fade, falling out of the top sales days after 2019,” the company stated in a press release. “E-commerce growth has slowed, and many shoppers feel that they can conveniently shop online anytime, with deals extending beyond the core weekend.”
Where’s the best place to shop?
WalletHub reported that JCPenney was the best place to shop on Black Friday in its survey of top retailers. WalletHub reported that JCPenney offers an average discount of 76.2%.
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