Black Friday Online Sales Break a New Record of $9 Billion

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Last Updated on November 27, 2022 by Bitfinsider

This Black Friday, consumers spent a record $9.12 billion online, according to Adobe, which monitors sales on retailers’ websites.

Adobe said that online sales on the day after Thanksgiving were up 2.3% year-over-year and that sales of gadgets were a key contributor, up 221% compared to an ordinary day in October. Toys were another popular item with an increase of 285%, while fitness equipment increased by 218%.

On Black Friday, many shoppers opted for flexible payment options as they continue to contend with rising pricing and inflation. Buy Now Pay Later payments grew by 78% for the week commencing November 19, while Buy Now Pay Later income increased by 81% within the same time frame.

According to the research, this year’s top products included gaming consoles, drones, Apple MacBooks, Dyson appliances, and toys such as Fortnite, Roblox, Bluey, Funko Pop!, and Disney Encanto.

Black Friday consumers also set a new record for mobile orders, with 48% of online transactions completed on smartphones, up from 44% the year before.

The record-breaking expenditure follows a robust day of Thanksgiving shopping, during which consumers spent $5.29 billion online, an increase of 2.9% year-over-year. Adobe estimates that buyers spend between $2 billion and $3 billion every day online.

These figures may be an encouraging sign for merchants in the coming weeks. Target, Macy’s, Nordstrom, and other stores reported a dip in sales in late October and early November, in line with preliminary holiday sales projections. In the previous month, consumer morale has also declined as inflation lingers near four-decade highs.

According to Adobe’s study, even though Black Friday is done, e-commerce activity will continue robust over the weekend. Adobe anticipates that shoppers will spend $4.52 billion on Saturday and $4.99 billion on Sunday in advance of Cyber Monday, the largest online shopping day of the year.

Adobe predicts that Cyber Monday will generate $11.2 billion in spending this year, an increase of 5.1% over last year.

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