Record numbers during Thanksgiving weekend shopping spree
Online shopping during Black Friday increased 7.5% compared to the previous year, reaching a record $9.8bn, according to a report from Adobe Analytics. Adobe compiles its data by analyzing more than one trillion visits across retail websites, 18 total product categories and 100 million unique items. It is worth noting that Black Friday’s momentum carried over from the previous day on Thanksgiving, after online sales totaled US$5.6bn.
The report detailed that a very strategic consumer was observed in the last year, trying to make the most of seasonal discounts in the face of a tighter budget due to the impacts of inflation and high interest rates. Particularly, US$79 million of sales came from consumers who opted for the flexible payment method, that is, “Buy now, pay later”, which represented an increase of 47% over last year. However, this payment method between November 1 and November 23 totaled US$5.9bn, an increase of 13.4% over 2022.
On the other hand, it stood out that $5.3 billion of online sales came from mobile shopping, where influencers and social media advertising made consumers feel comfortable spending from their mobile devices. Additionally, Cyber Monday sales are expected to reach up to $12.4 billion, making it the largest online shopping day of the year in the US. Finally, the report revealed that the best-selling categories during Black Friday were electronics such as smartwatches and TVs, as well as toys and games. Meanwhile, home repair tools performed less encouragingly.
In previous days, the National Retail Federation, which groups several retail chains, predicted a possible record consumption during the holidays in November and December, with a growth of 3% to 4% compared to 2022.
Historic holiday sales (US$bn)
Source: National Retail Federation (NFR)