Millennials were the biggest spenders of Black Friday weekend.
From Thanksgiving Day through Cyber Monday, more than 174 million Americans shopped in stores and online, according to the National Retail Federation. That beat the 164 million estimated shoppers expected to come during the weekend.
The biggest spenders were older millennials — 25 to 34 years old — at $419.52. Average spending per person over the five-day period was $335.47, with $250.78 – 75 percent – specifically going toward gifts.
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“All the fundamentals were in place for consumers to take advantage of incredible deals and promotions retailers had to offer,” said Matthew Shay, NRF president and CEO. “From good weather across the country to low unemployment and strong consumer confidence, the climate was right, literally and figuratively, for consumers to tackle their holiday shopping lists online and in stores.”
More than 51 million people shopped in stores only, and 58 million shopped online only.
The most popular day for in-store shopping was Black Friday with 77 million consumers, while Small Business Saturday attracted 55 million consumers, according to NRF. The top two days that consumers shopped online were Cyber Monday with more than 81 million and Black Friday with more than 66 million.
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