What is the economic impact of Thanksgiving?
What is the economic impact of Thanksgiving? The Economic Impact of Thanksgiving: More Than Just a Feast Thanksgiving is a pivotal moment in the American economy. While it warms our hearts and fills our bellies, its financial effects range from retail windfalls to supply chain strain. Let’s carve into the layers of Thanksgiving economics to uncover how this holiday influences industries, workers, and even global markets. 1. Thanksgiving and Retail: The Catalyst for Holiday Spending Thanksgiving's proximity to Black Friday and Cyber Monday creates a retail phenomenon that’s nothing short of extraordinary. Thanksgiving Weekend Shopping: The National Retail Federation (NRF) reports that in 2023, over 190 million shoppers participated in Thanksgiving weekend shopping, spending an average of $325 per person. Impulse Purchases on Thanksgiving Day: Retailers like Walmart and Target now offer deals on Thanksgiving itself, driving billions in same-day sales. Consumer Psychology: Thanks...