The Black Friday online deals reach $9 billion, a recent record
November 29, 2022: According to Adobe, consumers spent a record $9.12 billion online shopping on Black Friday, tracking sales on retailers’ websites.
Overall online sales for the day following Thanksgiving increased 2.3% annually, and electronics were a significant contributor, as online sales increased 221% over an average day in October, Adobe stated. Toys were another popular category for all the people who shopped, up 285%, as was exercise equipment, up 218%.
Many consumers are adopting flexible payment plans on Black Friday as they struggle with high prices and inflation. Purchase now Pay Later payments surged by 78% compared with the past week, beginning November 19, and Purchase Now Pay Later revenue increased by 81% for the same period.
The report stated that some of this year’s hottest items include gaming consoles, drones, Apple MacBooks, and products and toys like Fortnite, Roblox, Funko Pop! and Disney Encanto.
Black Friday shoppers broke a record for mobile orders, as 48% of the online sale is made on smartphones, a surge from 44% last year.
The record-breaking which spends comes on the heels of a strong day of Thanksgiving shopping, in which customers shelled out an all-time high of $5.29 billion online, higher by 2.9% year-over-year. According to Adobe, shoppers spend between $2 billion to $3 billion online daily.
These numbers may be a promising indicator for retailers in the coming weeks. Early holiday reports have been muted, and Target, Macy’s, Nordstrom and other retailers state a lull in sales in late October and November. Consumer feelings have come down in the past month as inflation hovers almost four-decade highs.
Though Black Friday is done, e-commerce activity will remain strong, according to Adobe’s announcement.
According to Adobe, this year, Cyber is anticipated to drive $11.2 billion in spending, up 5.1% every year on Monday.
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