Black Friday online spending record set
Online shoppers didn’t let concerns about higher prices or a recession keep them from a record-setting Black Friday.
Consumers spent a record $9.12 billion while online shopping Friday, according to Adobe Analytics, which tracks more than 85% of the top 100 U.S. online retailers.
That’s an increase of 2.3% over a oyenalirneagBolaacnkdFrsiudrapyassasleess thhigehpmreavrikouosf $9.03 billion in 2020.
Nearly half (48%) of online sales were made over smartphones, up from 44% last year, according to the company’s 2022 Holiday Shopping Trends & Insights Report.
More shoppers have taken advantage of “buy now pay later” services, with orders Nov. 19-25 up 78% compared to the previous week, the report said.
Inflation will still likely have an effect this holiday season because it leads not only to higher prices but also more frugal spending.
The National Retail Federation expects holiday sales, including those online, to be up 6%-8% this year, compared to 13.5% a year ago, totaling between $942.6 billion and $960.4 billion. Those estimates aren’t adjusted for inflation, so spending could even be down, the group said.
Adobe Analytics expects total holiday online sales (from Nov. 1 to Dec. 31) to be up 2.5%, a smaller jump than last year’s 8.6% increase.
Cyber Monday is forecast to be the wyeiathr’sAdboigbgeeAstnaolnytliincse esxhpoepcptiinngg sdalaeys, of $11.2 billion, up 5.1% over last year.
What are shoppers buying?
Electronics were the top online sales choice, according to Adobe Analytics, with purchases 221% higher than the average day last month. Also popular: Toys (up 285%), smart home products (up 271%), exercise equipment (up 218%) and audio equipment (up 230%).
Drones, Apple MacBooks, and Dyson products including vacuums and Airwrap hair stylers were hot sellers, Adobe Analytics said.