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 year ago – surpassing the previous online Black Friday sales high mark of $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.
“As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year,” said Vivek Pandya, lead analyst for Adobe Digital Insights, in a statement. “Shoppers are embracing the Buy Now Pay Later payment method more this year to be able to buy desired gifts for family and friends.”
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What is the overall holiday shopping forecast?
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 online sales to be up 6%-8% this year, compared to 13.5% a year ago, totaling $942.6 billion to $960.4 billion. But 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-Dec. 31) to be up 2.5%, a jump less than last year’s 8.6% increase.
Brisk online sales were expected over the Thanksgiving weekend, with shoppers expected to spend more than $9 billion online ($4.52 billion on Sat, $4.99 billion on Sun), Adobe Analytics estimated.
Cyber Monday is forecast to be the year’s biggest online shopping day, with Adobe Analytics expecting sales of $11.2 billion, up 5.1% over last year.
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What are shoppers buying?
Electronics were 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.
In the toy category, popular products included Fortnite and Roblox toys, Bluey toys, Funko Pop! figurines and Disney Encanto toys. Video game consoles have been hot, too, with the Microsoft Xbox Series X and Sony PlayStation 5 both popular purchases, along with games such as FIFA 23, NBA 2K23, and Pokmon Scarlet & Violet.
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Have I missed the best holiday deals?
Not according to Adobe Analytics. Consumers can still expect discounts this weekend of 33% off toys and other discounts including apparel (17% off); sporting goods (19%), and televisions (17%). Cyber Monday is expected to be the time for the best deal on computers (27% off) and furniture (11%).
Is there an appliance on your holiday shopping list? Discounts are expected to the best (18%) on Thursday (Dec. 1).
Contributing: The Associated Press
Follow Mike Snider on Twitter: @mikesnider.
Story Credit: usatoday.com