www.rannv.org • Retail Association of Nevada
Nevada’s Retail Recap: Unpacking Nevada’s 2023 Holiday Shopping Trends
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S WE USHER IN A NEW YEAR, IT’S CRUCIAL TO LOOK BACK and analyze the trends and dynamics that shaped the retail industry in Nevada during the bustling 2023 holiday season. This period, traditionally the zenith of retail activity, offers valuable insights into consumer behavior, economic resilience, and the evolving landscape of commerce in our state. In a year that posed its fair share of economic challenges, the Nevada retail sector not only demonstrated remarkable adaptability but also achieved significant growth. This report, drawing on the latest data from the U.S. Census Bureau and insights from industry experts, aims to unpack these trends, providing a nuanced understanding of the forces that drove the 2023 holiday shopping season in Nevada. In a year marked by economic challenges and inflationary pressures, Nevada’s retail landscape showed remarkable resilience and growth, as evidenced by the latest U.S. Census Bureau data. This report delves into the key trends and figures that shaped Nevada’s retail industry during the 2023 holiday season, painting a picture of a sector
RAN Staff Report
that has not only weathered the storm but thrived amidst adversity. According to the data released, core retail sales during the 2023 holiday season witnessed a significant upswing, growing by 3.8 percent over the previous year to a record-setting $964.4 billion. Jack Kleinhenz, Chief Economist at the National Retail Federation (NRF), encapsulates this sentiment, noting, “Consumer spending was remarkably resilient throughout 2023 and finished the year with a solid pace for the holiday season.” Despite the shadow of inflation looming over households, a noticeable easing in the prices of goods, combined with a robust labor market, played pivotal roles in bolstering this season’s retail success. A pivotal shift was observed in Nevada’s holiday shopping patterns, with a departure from the traditional Black Friday-centric approach. An impressive 55 percent of consumers took advantage of early holiday sales, reflecting a growing trend towards extended shopping seasons. This shift in consumer behavior paid dividends during the Thanksgiving weekend and Cyber Monday, as Nevada experienced a
surge in consumer activity. An estimated $609.0 million was spent by approximately 1.9 million people, covering a range of purchases from gifts and decorations to various merchandise. The NRF’s survey data offers further insights. Over the five-day period encompassing Cyber Monday, shoppers spent an average of $321.41, with $226.55 earmarked specifically for gifts and holiday items. While 121.4 million U.S. consumers chose in-store shopping—a slight 1.1 percent dip from 2022— the online shopping sphere saw a 3.1 percent increase, attracting 134.2 million consumers. Notably, Black Friday emerged as the peak day for both in-store (with 76.2 million shoppers) and online shopping (attracting 90.6 million consumers). Cyber Monday followed closely as the second favorite day for online shopping, drawing in 73.1 million consumers. This year’s holiday total, which isn’t adjusted for inflation, encompasses both online and other non-store sales, the latter witnessing an 8.2 percent rise to $276.8 billion. This growth is indicative of the evolving consumer preference towards digital platforms and the increasing
integration of online and offline retail experiences. The employment landscape in Nevada’s retail sector also saw significant developments. As reported by the Las Vegas ReviewJournal, the state’s labor force reached an all-time high in November, with over 42,000 jobs created since the previous year. Despite this growth, Nevada’s employment rate hovered around 5 percent, approximately 1.7 percent above the national average. David Schmidt, DETR Chief Economist, highlighted the importance of November for holiday hiring in the retail industry. In 2023, over 4,000 jobs were added in this month alone, a figure that notably doubles the hiring rate of the previous year, signaling stronger market expectations for the holiday season. In summary, the 2023 holiday season in Nevada has been a testament to the resilience and adaptability of the retail industry. From early shopping trends to a rise in digital consumerism, the sector has demonstrated its ability to navigate and capitalize on changing market dynamics, setting a robust foundation for continued growth and innovation in the years to come. ■
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