Updated from 7:30 a.m. EST with analyst comments
Whoever said most millennials in the U.S. are living paycheck to paycheck -- burdened by gobs of college debt and expensive Obamacare premiums -- may do a double take when they see that the group has come out in force to spend so far this holiday season.
Eight in 10 millennials (ages 18-34) shopped over the weekend as they took advantage of mouth-watering deals offered by retailers on TVs, tablets and winter apparel, according to the National Retail Federation. Of the group, older millennials, aged 25 to 34, shopped the most.
"Millennials are keeping retailers on their toes when it comes to Thanksgiving weekend shopping not just for their friends and family, but also themselves," Prosper's principal analyst Pam Goodfellow said. "However, millennials are not the only ones taking advantage of great promotions. Today's consumers, across ages, are savvy about when and where they shop."
But millennials seemed to steal the show in the end.
"Based on our field research, we believe the teen and millennial shoppers were out in droves -- Black Friday for many millennials isn't just about getting good deals, it is a nostalgic tradition," said BMO Capital Markets analyst John Morris in a note on Monday. "In keeping with the nostalgia trend, we believe that retailers that capture the nostalgic theme in their brands should do well," added Morris. Specifically, the analyst called out Gap's (GPS) Old Navy, Express (EXPR) and Abercrombie & Fitch's (ANF) Hollister division as Black Friday winners.
