The announcement coincided with its full-year results, with growth driven by its jewelry brands.
NRF: 69% of Americans Could Shop Thanksgiving Weekend
For the first time, the National Retail Federation included Cyber Monday in its annual survey to better reflect consumer behavior.
Washington--More than two out of three Americans could do some holiday shopping during the Thanksgiving weekend, according to a survey released last week from the National Retail Federation.
It was done by Prosper Insights & Analytics from Oct. 31 to Nov. 7 and surveyed 7,439 consumers.
The NRF noted that for the first time in the study’s history, the numbers include Cyber Monday along with Thanksgiving Day, Black Friday, Small Business Saturday and Sunday to more accurately capture consumer behavior throughout the entire weekend.
It indicates that 69 percent of Americans--an estimated 164 million people--are planning to shop or considering shopping during Thanksgiving weekend.
Black Friday is still expected to be the busiest day of the weekend.
Of those considering shopping the holiday weekend, about 70 percent plan to shop on Black Friday (115 million), followed by 48 percent expecting to shop on Cyber Monday (78 million), 43 percent on Saturday (71 million)--with 76 percent saying they will do so specifically to support Small Business Saturday--21 percent shopping Sunday (35 million) and about 20 percent indicating they plan to shop on Thanksgiving Day (32 million).
Of those shopping, 66 percent said they’ll do so to take advantage of deals and promotions from retailers, while 26 percent said it’s a tradition of shopping over the weekend and 23 percent said it’s something to do over the holiday weekend. Another 23 percent said it is when they start their holiday shopping.
“For Gen Z, the holiday shopping weekend is a can’t-miss opportunity,” Prosper Principal Analyst Pam Goodfellow said. “This group overwhelmingly sees in-store shopping as a valuable way to connect with others, be it friends, family or store associates at their favorite retailers.”
In fact, according the NRF, young adults between the ages of 18 and 24 years old are the most likely to increase their spending.
“As Gen Z and Millennials get older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” NRF President and CEO Matthew Shay said. “This group of consumers has spent time carefully researching gifts for friends, family and themselves, and are ready to begin knocking out their shopping lists.”
Fifty-four percent of consumers overall plan on spending about the same as last year.
Twenty-four percent, meanwhile, plan to spend more, but among those aged 18 to 24--which includes the oldest members of Generation Z--46 percent said they will spend more than last year.
When asked what they will buy, 61 percent of consumers said they’ll buy clothing and accessories, the same percentage as last year, while 59 percent will give gift cards, which is up from 56 percent last year.
Books, music, movies or video games will be given by 44 percent--also the same as last year--while 41 percent will give toys. Twenty-nine percent will give electronics, down from 30 percent in 2016.
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.