Shoppers Came Out In Droves Over Thanksgiving Weekend In Pursuit of Deals, NRF Said

Consumers braced inflation and came out to shop in record numbers this past holiday weekend, according to data from the National Retail Federation (NRF). A record 196.7 million consumers shopped in stores and online during the five days between Thanksgiving Day and Cyber Monday, marking 17 million more shoppers than last year and the highest ever number recorded by NRF. The strong turnout came despite significant headwinds for the retail industry, including inflation, high interest rates and a tight labor market. On top of that, a potential U.S. rail worker strike, which could occur as early as next week, is also threatening supply chain recovery across the country and could leave retailers without a crucial avenue for shipping and transporting their goods. “It continues to be an unpredictable year,” said NRF president and CEO Matthew Shay in a call with media on Tuesday morning. The impressive turnout over the holiday weekend, which typically serves as bellwether for consumer sentiment and the strength of economy, surpassed the trade group’s initial expectations. It also reflects pent-up shopping demand for consumers looking for value amid price increases and suggests persisting shopping momentum through the next four weeks. According to NRF, consumers say they still have at least

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