NEW YORK (FLASHPOINT INFO) — This year's Black Friday shattered previous spending records, with shoppers spending $11.8 billion online, according to Adobe Analytics, marking a remarkable 9.1% increase from 2022 despite a backdrop of economic uncertainty.
The peak shopping hours between 10 a.m. and 2 p.m. saw an incredible $12.5 million being spent every minute online. Furthermore, Thanksgiving Day shopping also reached high levels with online sales nearing $6.4 billion. Popular categories this year included video game consoles, electronics, and home appliances, with artificial intelligence and social media heavily influencing purchasing decisions.
Salesforce reported $18 billion in total U.S. online sales for Black Friday and $79 billion globally, while e-commerce platform Shopify noted that its merchants earned a staggering $6.2 billion on that day alone, peaking at $5.1 million per minute.
Interestingly, the face of Black Friday shopping has evolved, with consumers favoring the convenience of online shopping from home over traditional doorbuster sales events, which has resulted in a decline in in-store traffic. RetailNext data indicated that physical store visits dropped 3.6% this year, although shoppers seem more intent on specific purchases than in seasons past.
Holiday shopping is expected to continue at a strong pace, with projections indicating additional spending of $5.5 billion on Saturday and $5.9 billion on Sunday. Adobe anticipates Cyber Monday could hit a record of $14.2 billion as part of this extended shopping period.
Amid diverse economic pressures—ranging from rising prices attributed to tariffs to job insecurities—shoppers are notably buying fewer items but spending more overall. Salesforce reported a 2% decline in item purchases, although the average selling price rose by 7%.
Looking ahead, the National Retail Federation forecasts that U.S. consumers will spend over $1 trillion this holiday season, marking a significant milestone. However, the growth rate is expected to decelerate compared to last year.
As consumers increasingly rely on 'buy now, pay later' strategies to manage their holiday expenses, the landscape of holiday spending is undeniably shifting, reflecting both new retail strategies and evolving buyer behavior.
The peak shopping hours between 10 a.m. and 2 p.m. saw an incredible $12.5 million being spent every minute online. Furthermore, Thanksgiving Day shopping also reached high levels with online sales nearing $6.4 billion. Popular categories this year included video game consoles, electronics, and home appliances, with artificial intelligence and social media heavily influencing purchasing decisions.
Salesforce reported $18 billion in total U.S. online sales for Black Friday and $79 billion globally, while e-commerce platform Shopify noted that its merchants earned a staggering $6.2 billion on that day alone, peaking at $5.1 million per minute.
Interestingly, the face of Black Friday shopping has evolved, with consumers favoring the convenience of online shopping from home over traditional doorbuster sales events, which has resulted in a decline in in-store traffic. RetailNext data indicated that physical store visits dropped 3.6% this year, although shoppers seem more intent on specific purchases than in seasons past.
Holiday shopping is expected to continue at a strong pace, with projections indicating additional spending of $5.5 billion on Saturday and $5.9 billion on Sunday. Adobe anticipates Cyber Monday could hit a record of $14.2 billion as part of this extended shopping period.
Amid diverse economic pressures—ranging from rising prices attributed to tariffs to job insecurities—shoppers are notably buying fewer items but spending more overall. Salesforce reported a 2% decline in item purchases, although the average selling price rose by 7%.
Looking ahead, the National Retail Federation forecasts that U.S. consumers will spend over $1 trillion this holiday season, marking a significant milestone. However, the growth rate is expected to decelerate compared to last year.
As consumers increasingly rely on 'buy now, pay later' strategies to manage their holiday expenses, the landscape of holiday spending is undeniably shifting, reflecting both new retail strategies and evolving buyer behavior.
