According to the November MasterCard Spending Pulse report, there was a clear shift in consumer spending from Black Friday to Thanksgiving Day this year. Retail sales on Thanksgiving were up 23.68% year-over-year, while Black Friday sales were up only 2.87%.
Thanksgiving and Black Friday together accounted for an 8% lift in sales over last year.
In line with trends seen by SpendingPulse all year, more consumers took advantage of online shopping deals. On Thanksgiving Day, online holiday shopping grew 19.4% year-over-year, and was up 12% on Black Friday.
“MasterCard Advisors research has shown that 70% of consumer spend on Black Friday occurs at the first two stores a shopper visits,” said Sarah Quinlan, svp/market insights for MasterCard Advisors. “With these kinds of holiday shopping statistics, it’s no wonder retailers are competing to open earlier and earlier every year so they can be the first to capture those critical dollars.”