Retail Sales Report Shows Billions In Extra Spending
The numbers show consumers are willing to spend despite rising inflation.
LEARN MOREPosted: 11:35 a.m. EST Nov 22, 2021
Target will no longer open its stores on Thanksgiving Day, making permanent a shift to the unofficial start of the holiday season that was suspended during the pandemic.
To limit crowds in stores, retailers last year were forced to turn what had become a weekend shopping blitz into an extended event, with holiday sales beginning as early as October. That forced shift appears to have been fortuitous.
U.S. holiday sales last November and December rose 8.2% in 2020 from the previous year, according to The National Retail Federation, the nation's largest retail trade group. The trade group predicts 2021 could shatter that record, growing between 8.5% and 10.5%.
Americans, able to get the same offers over a broader timespan relieving some of the stresses that go hand in hand with the holidays, appeared to embrace the change.
"What started as a temporary measure driven by the pandemic is now our new standard — one that recognizes our ability to deliver on our guests' holiday wishes both within and well beyond store hours," Target CEO Brian Cornell wrote in a note to employees.
The new standard at Target could push other retailers to follow in its path.
Distribution and call centers will have some staff on Thanksgiving, Target said Monday, but stores will remain closed.
Thanksgiving had historically not been a big sales day overall, not one of the top 10, because stores usually opened their doors around 5 p.m. However, it's been a big online sales day.
Last year, the holiday trailed only Cyber Monday and Black Friday in online sales, according to the Adobe Digital Economy Index.
Additional reporting by The Associated Press.
