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Despite High Inflation, Record $9 In Online Sales For US Black Friday Sale

Despite High Inflation, Record $9 In Online Sales For US Black Friday Sale
According to Adobe, which tracks sales on retailer websites, consumers spent a record $9.12 billion online this Black Friday.
Overall online sales for the day after Thanksgiving were up 2.3% year over year, with electronics playing a major role, with online sales increasing 221% over an average day in October, according to Adobe. Toys were another popular category for shoppers, increasing 285%, as was exercise equipment, which increased 218%.
As they continue to grapple with high prices and inflation, many consumers embraced flexible payment plans on Black Friday. Payments for Buy Now Pay Later increased by 78% over the previous week, beginning Nov. 19, and revenue for Buy Now Pay Later increased by 81% over the same period.
According to the report, some of this year's hottest items included gaming consoles, drones, Apple MacBooks, Dyson products, and toys such as Fortnite, Roblox, Bluey, Funko Pop!, and Disney Encanto.
Black Friday shoppers also set a new high for mobile orders, with 48% of online sales made on smartphones, up from 44% last year.
The record-breaking spending follows a strong day of Thanksgiving shopping in which consumers spent an all-time high of $5.29 billion online, a 2.9% increase year over year. According to Adobe, online shoppers typically spend between $2 billion and $3 billion per day.
These figures could be a good sign for retailers in the coming weeks. Early holiday sales forecasts have been muted, with Target, Macy's, Nordstrom, and other retailers reporting a slowdown in late October and early November. Consumer confidence has also dipped in the last month, as inflation has remained near four-decade highs.
Despite the fact that Black Friday has passed, e-commerce activity will remain strong throughout the weekend, according to Adobe's report. Adobe predicts that consumers will spend $4.52 billion on Saturday and $4.99 billion on Sunday, ahead of Cyber Monday, the year's biggest online shopping day.
According to Adobe, this year's Cyber Monday is expected to generate $11.2 billion in spending, a 5.1% increase year over year.

Christopher J. Mitchell

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