To some, leaving holiday shopping until the weekend before Christmas might seem like a nightmare scenario, but for millions of Americans, this Saturday will be the day they spend big.
The final Saturday before Christmas is dubbed “Super Saturday” within the retail industry. This year, it is expected to generate $26 billion in sales, according to a report by retail advisory group Customer Growth Partners, as last-minute shoppers rush to get gifts before they travel home for the holidays.
That’s even more than the $24 billion spent on Black Friday this year, as sales have become increasingly spread out over Thanksgiving week through Cyber Monday and beyond. Super Saturday, meanwhile, is set to draw out 56 percent of holiday shoppers in the U.S., or about 134 million people, according to the National Retail Federation, up from 126 million last year.
What’s more, many of these consumers will be shopping for high-end items like jewelry and luxury goods.
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As CGP founder Craig Johnson explained to CNBC, these categories tend to perform particularly well on Super Saturday because it’s a popular day for men to buy presents for their wives. “And the male mentality in a lot of cases is: ‘If we’re not going to open the gift up until Christmas, why buy in November and have it go sit on a credit card?'” Waiting until late December also means that shoppers can pay off their credit card bills in January after they’ve banked their year-end bonuses.
Several top-tier department stores and luxury online retailers are seizing on this trend and running promotions over the weekend: Saks Fifth Avenue is offering up to 60 percent off items like Manolo Blahnik flats and Miu Miu sneakers, Barneys New York is holding a designer sale for up to 75 percent off, and Net-a-Porter’s discounts are up to 70 percent off, so there’s no better time to snap up a pair of high-end shoes for a loved one (and maybe a pair for yourself, too).