Holiday Shoppers Shatter Spending Records over Thanksgiving Weekend Despite Economy
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U.S. consumers spent record amounts over Thanksgiving weekend, exceeding early projections. Online spending hit $38 billion over the 5-day period.
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Black Friday and Cyber Monday both set new spending records of $9.8 billion and $12.4 billion respectively.
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Shoppers took advantage of high discounts, with peak markdowns of 31% on electronics, 24% on computers, and 23% on apparel.
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Despite economic concerns, consumers showed a "robust turnout" and their spending "blew by" initial holiday weekend projections.
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Top spending categories included clothing, toys, gift cards, books/media, and personal care items. Nearly 25% of shoppers purchased personal care gifts.