MasterCard Spending Pulse reported that U.S. electronics retailers hit the jackpot with their early Thanksgiving openings, recording triple-digit growth on Thanksgiving Day this year compared to 2012.
According to the November report, which tracks retail sales across all forms of payment, including credit cards, cash and check, sales for the electronics category shot up on Thanksgiving; however, sales in that sector declined slightly on Black Friday.
“MasterCard Advisors research has shown that 70% of consumer spend on Black Friday occurs at the first two stores a shopper visits,” said Sarah Quinlan, senior VP, market insights for MasterCard Advisors. “With these kinds of holiday shopping statistics, it’s no wonder retailers are competing to open earlier and earlier every year so they can be the first to capture those critical dollars. And it appears this year, for the electronics category in particular, it worked.”
Overall, there was a clear shift in consumer spending from Black Friday to Thanksgiving Day this year. Retail sales on Thanksgiving were up 23.68% year-over-year, while Black Friday sales were up only 2.87%. Thanksgiving and Black Friday together accounted for an 8% lift in sales over last year. In line with trends seen by SpendingPulse all year, more consumers turned to the Web this year and took advantage of online deals. On Thanksgiving Day, online holiday shopping grew 19.4% year-over-year, and was up 12% on Black Friday.
In addition to electronics, apparel and jewelry also saw notable growth on Thanksgiving Day, but declines on Black Friday. The luxury sector benefitted from both days, with strong double-digit growth on both Thanksgiving and Black Friday.