US retailers who feared a decline in Black Friday shoppers this year were likely relieved as Americans returned to their post-Thanksgiving shopping tradition, setting a new online spending record.
Consumers spent 9.8 billion US dollars online on Black Friday, a 7.5 percent increase from last year, and 200 million dollars more than previously estimated, according to Adobe Analytics.
Riding a wave of festive spending, US consumers began shopping early this year, indicating a rise of price-aware consumers eager to spend their money on the best deals. Shoppers spent a total of 5.6 billion US dollars online on Thanksgiving Day, a 5.5 percent jump in sales from the previous year.
“Black Friday re-asserted its dominance this season with record spend of 9.8 billion US dollars driven by new demand for the major sales’ day,” said Vivek Pandya, lead analyst for Adobe Digital Insights, said in a statement.
“The decline in online prices over the last year has created a favorable environment for consumers with strong discounts this season that are tempting even the most price-conscious consumers.”
Additional data from Salesforce found that online spending last Thursday grew 1 percent to 7.5 billion US dollars year-on-year, while online spending on Black Friday jumped 9 percent year-on-year to 16.4 billion US dollars.
US shoppers spent a total of 86.6 billion US dollars between November 1 and November 24, according to Adobe Analytics, with Cyber Monday predicted to be the season's and the year's biggest shopping day, hitting a record 12 billion US dollars.
Despite a slowdown in inflation, consumer confidence remains on a downward slope, fueled by concerns over a potential rebound in inflationary trends.
However, significant price cuts continue to make these major shopping events key milestones for the holiday season.
Kicking off in 2020 as a response to the pandemic, the trend of early discounts among retailers has not only gained momentum but also shifted a greater number of deals online in a bid to reduce in-store crowds.
95 percent of US consumers planned to make the most of the seasonal discounts this year for their holiday shopping, according to a recent survey from Deloitte, a steady increase from 92 percent in 2022 and 88 percent in 2021.
Respondents also revealed plans to spend an average of 1,652 US dollars on holiday shopping, a figure that, for the first time, eclipses the spending levels observed prior to the pandemic.