CNBC reports that a survey conducted by the National Retail Federation states that a record number of shoppers, both in-store and online, kicked off the holiday season. Total spending on holiday-related purchases was not estimated; however, the $321.41 average was roughly in-line with the $325.44 average last year.
NRF CEO Matt Shay explained that in addition to consumers’ feelings and the deals offered, the weather was a major factor. “Cooler temperatures, which many parts of the country had this weekend, can help motivate shoppers to spring for seasonal items like jackets, sweaters and boots.”
Planalytics’ Black Friday Recap notes that both temperatures, which were the coldest in 10 years, and dry conditions increased demand for seasonal items and supported foot traffic. Nationally, Weather-Driven Demand was up compared to 2022: Gloves +9%; Hot Soup +2%; Sporting Goods Store Traffic +1.6%. (Weather-Driven Demand, “WDD”, is the estimated % change in demand of the product/category based purely on the year-over-year changes in weather.)
Whether the remainder of the peak retail season keeps pace with the start remains to be seen. Register for updates to learn how much the weather has and will impact consumer purchasing.