Investing.com - The US is celebrating Thanksgiving, and though financial markets will be closed, retailers will be open and have high hopes for holiday shoppers.
According to the National Retail Federation, 69% of Americans — an estimated 164 million people — are planning to shop during Thanksgiving weekend, which includes Black Friday and Cyber Monday. And consumers responding to their annual survey say they will spend an average of $967 this holiday season, up 3.4% from last year.
But in the holiday shopping frenzy, not every retailer is set to benefit equally.
For the first time in the survey’s history, online is the most popular shopping destination this year, followed by department and discount stores. Electronics stores and small businesses are further down the list.
As the king of online retail, Amazon’s forecast looks especially good. Meanwhile, many brick-and-mortar retailers like Walmart (NYSE:WMT) and Macy’s posted stronger-than-expected earnings results in the last quarter, and are hoping that their steep holiday discounts, in-store experiences, and increasing consumer confidence, will keep them on an upward trajectory.