More people hit the stores this Thanksgiving weekend than did last year, as big-box retailers opened their doors earlier than ever on Thursday.
Spending per shopper averaged $423 -- $25 more than last year -- from Thursday to Sunday, while total spending increased nearly 13 percent, to an estimated $59.1 billion, according to a survey the National Retail Federation released Sunday afternoon.
"I think the only way to describe the Thanksgiving openings is to call it a huge win," said Matthew Shay, the trade group's president and chief executive. Shopping, he said, "has really become an extension of the day's festivities."
About 35 million people visited stores and shopping websites Thursday, up from 29 million last year. More than double that number -- 89 million, up from 86 million -- shopped on Black Friday.
"There were more people shopping every single day of the weekend," Shay said. "Black Friday is a little bit different than historically, but it certainly is not dead."
But whether increased sales over the Thanksgiving weekend will translate to higher sales throughout the holiday shopping season remains to be seen. Analysts have been predicting mediocre sales this year, as shoppers remain uncertain about the broader economy.
Overall holiday sales are expected to increase 4.1 percent from 2011, compared with sales growth of 5.6 percent last year, the National Retail Federation said. Overall holiday sales are projected to total about $586.1 billion.
On average, Americans are expected to spend $749.51 this holiday season, up $9 from last year but still below 2006 figures.
In an effort to defy the stingy projections, some retailers opened at 8 p.m. on Thursday, while others offered to match the prices of their online competitors. But some analysts have projected that retailers would only succeed in prompting customers to buy gifts earlier in the holiday season, rather than to spend more.
Most of the weekend's shoppers -- roughly 58 percent -- bought clothing and accessories, whereas 38 percent bought electronics and 35 percent shelled out for toys.
Much of the weekend's shopping took place online, as consumers logged on to take advantage of Internet-only specials beginning early Thursday morning. The average shopper spent more than $172 online this weekend, which made up approximately 41 percent of the total weekend spending. That is up from 38 percent last year.
"There is no question that online is a real bright spot in the retail industry," Shay said. "For the first time, more than half of those who shopped this weekend said they shopped online."
Online sales are slated to pick up even more, as many retailers kick off Cyber Monday sales a day or two early. Wal-Mart began offering online discounts on Saturday, and Amazon.com started on Sunday with plans to offer deep savings for Internet shoppers all week.
The more successful retailers, analysts said, were companies such as Wal-Mart Stores Inc. and Macy's Inc., which did better at combining physical stores with their online and mobile channels into a seamless shopping experience.
"The more you can make a shopper shop multiple channels, they are at least twice as likely to be a loyal shopper and spend tons of money," Patty Edwards, chief investment officer at investment firm Trutina Financial, said.
But shoppers also tried to stay disciplined during the onslaught of deals over the so-called "Black Friday" weekend, named for the day after Thanksgiving that traditionally kicks off the November-December holiday shopping season.
A total of 52 percent of Black Friday shoppers that answered a Reuters/Ipsos poll said they stayed on budget and 34 percent said they spent less than planned. Only 14 percent said they went over budget.
Of the 404 in the poll that shopped on Black Friday, 33 percent said the deals they found were better than last year and 39 percent found them to be the same, while 15 percent said the deals were worse.
While holiday shopping appeared to be off to a good start, analysts cautioned against reading too much into one weekend's numbers. Retailers have to sustain the initial burst through the November-December holiday season, which can account for a third of annual sales and 40 to 50 percent of profits for the year.
The impact on the U.S. economy is also sizeable as consumer spending accounts for about 70 percent of all economic activity. U.S. employment has undergone a slow but steady recovery, but concerns remain about the "fiscal cliff" that threatens to produce tax increases and automatic spending cuts in January.
Staying open on Thanksgiving became more widespread this year as retailers such as Target, Sears Holdings Corp. and Toys R Us Inc. joined in, while others including Wal-Mart and Gap Inc either extended their operating hours or had more stores doing business.
One was Abercrombie & Fitch Co., where it looked like traffic "really slowed off on Friday afternoon and Saturday", Ken Perkins, president of data-monitoring firm Retail Metrics, said.
Several analysts criticized J.C. Penney Co. Inc.'s decision not to open until Friday morning, losing shoppers to competitors like Target and Macy's that opened hours earlier.
"They blew it," Edwards said.
There are two extra days between Thanksgiving and Christmas this year and one more full weekend, so the opportunity for a lull between the holidays is greater.
"A big Black Friday, it's hard to read too much into that for the rest of the season," Scott Tuhy, vice president at Moody's Investors Service, said.
Retailers may have to discount more than they want sooner to help spur more shopping, which could cut into margins, Liz Ebert, retail lead at consulting firm KPMG LLP, said.
The National Retail Federation still expects sales in November and December to rise 4.1 percent this year, below last year's 5.6 percent increase.
- The Washington Post and Reuters contributed to this report
Thanksgiving weekend sales top $59 billion
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Thanksgiving weekend sales top $59 billion
