2023 Holiday retail recap: Unwrapping the results of the season

Recapping the 2023 Holiday shopping season

December 2023

2023 holiday quick take: Thanksgiving weekend recap

To help spread early holiday cheer, we are pleased to share the 2023 Holiday Quick Take: Thanksgiving Weekend Recap!

Here are a few key highlights from the report:

  • Shoppers spent a record amount on online shopping over Thanksgiving weekend, as retailers used high discounts to motivate consumer demand
  • After multiple years of October door-busting deals, it is now a new normal to begin holiday shopping far before Thanksgiving weekend
  • During Thanksgiving weekend, average consumer spend continued to be below pre-pandemic levels. However, a record number of customers partook in Thanksgiving weekend shopping this year
  • More specifically, consumers showed a strong preference for shopping online, shifting historical norms on days like Black Friday that previously were dominated by in-store shoppers
  • Credit card debt is at a record high, making deferred payment options increasingly appealing to consumers, especially for Millennials
  • Generative AI has expanded the services and experiences available for select retailers, but widespread impact may have to wait until next holiday season

Want to learn more? Click here to download the full report to see further details on how Thanksgiving Weekend played out.

Special thanks to Meghan Cole, Kate Christian, Alyssa Casale, Christian Sottosanti, Jen Spadaro, Kenzie Fowler, Evan Stavig, Michelle Qin, and Simran Nijhawan for their authorship, support, and research throughout the development of this article and report.

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