2024 Thanksgiving Holiday Spending Trends Revealed
Fiserv, Inc. (NYSE: FI), a prominent global provider of financial technology services, has shared insightful details regarding consumer spending trends during the 2024 holiday shopping season. This report draws from an extensive analysis of nearly 800 million transactions across various businesses, primarily within the United States, highlighting significant patterns and shifts in consumer behavior.
Overview of Consumer Spending Patterns
The report encompasses consumer spending during a key six-day period, specifically from November 27 to December 2. Insights revealed in the 2024 Thanksgiving Holiday Insights rate how shopping habits varied among different retail categories and payment methods during critical sales days, such as Black Friday and Cyber Monday.
Key Findings from Retail Sales Data
Within the analyzed period, total retail sales experienced a commendable rise of 5.7% compared to the prior year. This growth was primarily driven by an increase in transaction numbers, which showed a 6.7% uplift. Interestingly, average transaction values were relatively stable, with a slight decline of 0.9%.
On notable days like Black Friday, the total retail sales grew by 3.0%. The Saturday following Thanksgiving yielded stronger growth at 6.7%, while Cyber Monday saw an uptick of 4.0%. Notably, brick-and-mortar stores accounted for a substantial 58% of all retail sales, reflecting a positive rebound in physical shopping experiences that had faced challenges in prior years.
Small Businesses Thrive Amid Spending Surge
Small businesses showed remarkable resilience and growth during the holiday week, as indicated by the Fiserv Small Business Index, which reported an 11.9% increase in retail sales for Thanksgiving Week 2024. This remarkable growth stems from increased foot traffic and transactions, along with a positive average ticket size boost of 2.6%.
Top Retail Categories Highlighted
The spending analysis identified several leading categories that contributed prominently to the retail growth:
- General Merchandise: This category reported the highest increases, with sales rising by 13.5% and transactions by 17.0%.
- Building Materials/DIY: Benefitting from heightened shopping activity on Black Friday, this segment observed substantial sales growth of 17.4% and transaction increases of 8.7%.
- Furniture and Appliances: This category encountered a sales decline of 1.9%, despite a growth in transaction numbers by 6.2%.
- Clothing: Saw a slight total retail spend increase by 2.0%, alongside a modest uptick of 1.1% in transactions.
- Sporting Goods and Hobbies: Experienced a small decline in total spend by 1.3% but an increase in transactions by 4.9%, indicating a trend towards more frequent, smaller purchases.
Small Retailers Consistently Outperform
Across all significant shopping dates, small businesses consistently outperformed larger retailers, particularly on Cyber Monday, where a 13.0% increase in retail sales was recorded. Highlights from specific categories include:
- General Merchandise: Achieved the highest sales growth of 20.8% along with a transaction increase of 18.7%.
- Building Materials/DIY: Showed robust performance with a 13.6% sales increase and a 10.8% increase in transactions.
- Sporting Goods and Hobbies: Reported a 9.2% rise in sales, complemented by an 11.8% increase in transactions.
About Fiserv, Inc.
Fiserv, Inc. (NYSE: FI) ranks as a Fortune 500 company that is dedicated to advancing monetary and data movement globally. The firm, recognized as a frontrunner in financial technology, collaborates with clients to improve their outcomes by fostering innovation across various sectors, including account processing, digital banking, and payment solutions. Recently, Fiserv has been acknowledged consistently within the S&P 500 Index and identified as one of Fortune® World’s Most Admired Companies™ over nine of the past ten years. For more details and company updates, visit fiserv.com.
Frequently Asked Questions
What insights did Fiserv publish regarding Thanksgiving spending?
Fiserv published insights revealing that consumer spending increased during the Thanksgiving holiday week, with notable growth seen in both retail sales and small business transactions.
How did small businesses perform during the 2024 holiday season?
Small businesses saw a significant sales increase of 11.9%, driven by higher foot traffic and transaction amounts, especially during key shopping days.
What were the top-performing retail categories identified in the report?
The report indicated general merchandise and building materials/DIY as top-performing categories, highlighting substantial growth in sales and transactions.
Where can I find the complete 2024 Thanksgiving Holiday Insights report?
The comprehensive report is available for download from Fiserv’s website, showcasing detailed insights on consumer behavior during the holiday season.
What is Fiserv’s role in the financial technology sector?
As a leading financial technology provider, Fiserv facilitates best-in-class payment solutions, account processing, and digital banking services to clients, enhancing their operational efficiencies.
