Record-breaking Thanksgiving Day online sales drive holiday shopping frenzy

Online spending on Thanksgiving Day increased by 5.5% compared to last year, reaching $5.6 billion, as holiday shoppers responded to discounts and purchased more gifts online. The National Retail Federation forecasts a 3% to 4% increase in holiday spending compared to last year, indicating a slowdown from the pandemic-induced growth. While online sales are expected to climb further on Black Friday, it remains uncertain if this surge will lead to a strong overall holiday season. Retailers are offering sharp promotions and incentives to motivate shoppers, with major discounts seen in toys, electronics, and computers. Mobile shopping played a significant role, accounting for nearly 60% of Thanksgiving Day sales.