Shoppers took to stores across the world on a weekend sales event that appeared to be subdued compared to prior years, looking for discounted electronics, clothing and household goods in the kickoff to the holiday shopping season crucial to big retailers.Brokerage TD Cowen lowered its US holiday spending estimate to 2-3% growth, from 4-5%, as it forecast flat Thanksgiving sales traffic.Retailers’ early holiday discounts in October and November removed the excitement and urgency of the Thanksgiving weekend.“People have already got what they want,” David Klink, senior analyst at Huntington Private Bank, which owns shares of Walmart and Target. “There are only so many big screen TVs and Alexa [Amazon voice assistants] you can buy.”With many consumers squeezed by persistent inflation and high interest rates, US holiday spending is expected to rise at the slowest pace in five years.Most major retailers slashed their seasonal hiring. Retailers will likely continue to discount products throughout the holiday shopping season.A record 130.7mn people are expected to shop in stores and online in the US on Thanksgiving weekend this year, the National Retail Federation (NRF) estimates.The event is known for crowds lining up at big-box stores at dawn to scoop up discounted TVs and home appliances.However, at 6am on Friday at a Walmart in New Milford, Connecticut, the parking lot was only half full.“It’s a lot quieter this year, a lot quieter,” said shopper Theresa Forsberg, who visits the same five stores with her family at dawn every Thanksgiving weekend. She was at a nearby Kohl’s store at 5am.In Paramus, New Jersey, crowds at the Garden State Plaza mall were thinner than prior years, according to Michael Brown, a partner at consulting firm Kearney, who has checked shopping activity at major retail chains for the past 35 years.“It wasn’t the good old fashioned kick-the-doors-down-type” shopping event this year, he said.Mall goers “were carrying a bag or two, not the armfuls that you would see in pre-pandemic years. They are not blowing the budget today. They are holding out for a better deal”.US shoppers plan to spend an average $875 on holiday purchases – $42 more than last year – with clothing, gift cards and toys at the top of most shopping lists, according to a survey of 8,424 adults conducted in early November by the NRF, a US retail trade group.The Thanksgiving weekend sales tradition began in the US but has gone global, as well as moving online.In France, Italy, and Spain, most shoppers planned to buy clothing during the sales weekend, with electronic goods coming second, according to a PwC survey.On average, shoppers in France planned to spend €295 ($322), PwC found, with 65% of purchases expected to be made online.In the UK, transaction volumes were up just 1.4% in the week to Wednesday compared to a year ago, according to Barclays, a bank that sees nearly half the country’s credit and debit card transactions.“Recently, (the Thanksgiving sales weekend) hasn’t been the greatest,” said Naomi Ojomo as she browsed for dresses in a Zara store in Canary Wharf in east London, adding that discounts are less enticing due to many other sales throughout the year.The rise of online shopping has reduced the importance of the Thanksgiving promotion as a single-day event.Retailers from Macy’s to Amazon launch deals as early as October and often offer additional discounts closer to Christmas, Macy’s chief executive Jeff Gennette told investors this month.Shoppers spent a record $5.6bn online on Thanksgiving day, data from Adobe Analytics showed, a 5.5% increase in online spending compared to last year, in line with projections.Thanksgiving sales weekend discounts online peaked at about 28% for toys, while electronics had discounts as steep as 27%, Adobe said.Barbie dolls, Marvel action figures, Playstation 5 and videogame Call of Duty: Modern Warfare III were hot sellers.Adobe expects the Thanksgiving sales weekend to have the best deals on televisions, with discounts of 22%.Clothing, appliances, sporting goods and furniture will also have deep discounts but prices will go even lower by Cyber Monday.Some retailers hold their biggest markdowns for the Thanksgiving weekend, and big-box players including Walmart, Lowe’s and Home Depot maintained or deepened their advertised discounts.Whether those deals will attract inflation-weary consumers is the biggest worry for many retailers.Best Buy is offering between $100 and $1,600 off electronics including laptops, flat-screen TVs and KitchenAid mixers after telling investors this week that shoppers are holding off on big-ticket purchases.“Air fryers, energy efficient washing machines as people look to save cash on their energy bills, and upright vacuum cleaners are proving to be the most popular products,” said John Roberts, founder and chief executive of British online retailer AO World.British retailer Argos said the PlayStation 5 gaming console, Beats wireless headphones, and Apple AirPods were among its top-selling products during the Thanksgiving sales event.A downturn in luxury spending prompted department stores including Bergdorf Goodman and Nordstrom to offer steep discounts on items such as Balenciaga shoes and Oscar de la Renta earrings.“I think people are going to still spend on travel and leisure activities that might be online and not necessarily in stores,” said Jimmy Lee, chief executive of Wealth Consulting Group which holds Amazon shares. “The excitement of waiting in lines on (the Thanksgiving weekend sales event) – there’s not as much of that anymore. Many people...would rather just sit at home and look for deals.”