The holiday season saw a gala start with both online and in-store shopping surging on promotions, heavy discounts and free shipping. Additionally, encouraging economic and industry fundamentals, strong earnings and a bullish stock market are laying a strong foundation for the festive period.

Fast Recap of Thanksgiving Weekend

Per the latest data from National Retail Federation (NRF), more than 174 million Americans shopped in stores and online during the Thanksgiving weekend (from Thanksgiving through Cyber Monday), much higher than the pre-holiday prediction of 164 million consumers. Average spending per person over the five-day period was $335.47, with 75% going toward gifts. The biggest spenders were older millennials (25-34 years old) at $419.52.

Adobe Insights shows that U.S. retailers raked in a record $13.03 billion online sales from November 23 through 26, up 14.4% year over year. Online sales have climbed 16.8% from last year to $50 billion so far this holiday season (November 1-27). Adobe expects 2017 be the first-ever holiday season to break $100 billion in online sales (read: 4 Strong Reasons to Buy Retail ETFs Ahead of Black Friday).

According to a survey from Gordon Haskett Research Advisors, stores remain the most popular destination to shop during the Black Friday weekend given that 48.2% of consumers shopped more in store, 36.9% spent more online and 14.9% split their purchases evenly between the two.

Record Consumer Confidence

Americans are highly optimistic about the economy this holiday season. The Consumer Confidence Index — a barometer of the U.S. consumer health measured by the Conference Board — climbed to the highest level in 17 years to 129.5 in November, up from 126.2 in October.

On the other hand, the University of Michigan index of consumer sentiment decreased to 98.5 in November from 100.7 in October, the highest level since January 2004.

U.S. on Solid Growth Path

The economy is expanding at the fastest clip in three years with the best back-to-back quarters of at least 3% GDP growth. Unemployment dropped to the lowest level since December 2000 to 4.1%. Meanwhile, consumer spending, which accounts for more than two-thirds of U.S. economic activity, recorded its biggest increase in more than eight years in September.