Black Friday Reaches Record Spend of Nearly $10 Billion in US
Black Friday online sales in the U.S. hit a record $9.8 billion, up 7.5% from the previous year, as reported by Adobe Analytics. This surge is attributed to a strategic and willing consumer base, capitalizing on discounts available during major shopping days. The ease of comparing online discounts contributed to this trend, with mobile shopping accounting for $5.3 billion in sales, influenced by social media advertising and influencers.
Despite a more robust consumer spending mindset compared to 2022, shoppers remain price-sensitive due to inflation and interest rates, with $79 million in sales utilizing the ‘Buy Now, Pay Later’ method, a 47% increase from the previous year. The best-selling categories on Black Friday were electronics, toys, and gaming, driven by attractive discounts.
Adobe’s data, derived from analyzing one trillion visits to U.S. retail websites, reveals a shift in consumer behavior favoring online shopping over in-store experiences. Retailers, cognizant of this change, are adapting by offering higher discounts and pop-up promotions to capture deal-hunting consumers.
While Black Friday maintained momentum from Thanksgiving, Adobe anticipates continued spending strength through Cyber Monday, projecting online shoppers to spend around $10 billion over the weekend and a record $12 billion on Cyber Monday. However, spending is expected to taper off as discounts weaken, dictating buyer behavior for the remainder of the holiday season. Late December may see some trickle-in spending from procrastinating gift-givers.
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