Amid economic gloom, many did early shopping

Malls say customers are very focused and selective, with many seeking deals online.

- By ANNE D’INNOCENZIO

The nation’s shoppers may feel gloomy about the economy, but they certainly were in the mood to shop over the five-day Thanksgiving weekend that wrapped up on Cyber Monday.

As Wall Street analysts and retailers sift through the data from the weekend — the unofficial start to the season and a good barometer of shoppers’ financial health and the strength of the economy — the figures show that shoppers went online and in stores to scour for deals on everything from TVs to clothing. But all that economic uncertainty did affect spending. Shoppers were very focused and selective, some malls reported.

Of course, the weekend looks a lot different from 15 years ago, when shoppers camped out in the wee hours of the morning and fought in store aisles for doorbusters like TVs. Shoppers are still heading to stores, but the biggest growth has been online, which accounts for 30% of total holiday sales. That's up from 15% in 2012, according to the National Retail Federation, the nation’s largest retail trade group.

Adobe Analytics reported Tuesday that so-called Cyber Week — Thanksgiving to Cyber Monday — brought in $44.2 billion online overall, up 7.7% year over year, bolstered by record spending online during Black Friday.

On Cyber Monday, consumers spent $14.25 billion, up 71% and making it again the year’s biggest online shopping day.

National Retail Federation CEO Matt Shay said Tuesday that shoppers wall off the winter holidays from all the economic noise, building a moat around the season.

“The holidays is really very much an emotional purchase,” Shay said. “Families plan for it. They invest in it. And as a component of the holidays, the five-day Thanksgiving weekend is really the psychological kickoff of the holidays.”

Based on the group's survey of shoppers from the weekend, Shay called the period a “very solid beginning” to the holiday season.