American consumers got holiday shopping off to a strong start | CNN Business

A record number of Americans shopped over the Thanksgiving holiday weekend, a trade group says, despite high inflation and a potential recession looming

The National Retail Federation, a trade group for the retail industry, said a record 196 million Americans shopped in stores and online over the Thanksgiving holiday weekend, a 10% increase from last year. “As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible,” NRF chief executive Matthew Shay said in a news release Tuesday.

“With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” said Vivek Pandya, lead analyst at Adobe. “It spurred online spending to levels that were higher than expected.” Retailers have dangled promotions to drive consumer demand and unload excess inventory. It appears the discounts were deep enough to convince many customers to buy.

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