This year's Black Friday saw consumers spend an unprecedented $9.12 billion online, as per Adobe, which monitors sales on store websites.
Adobe said that the day after Thanksgiving saw a 2.3% increase in online sales year over year, with the electronics industry contributing significantly to this growth with a rise of 221% in online sales compared to a typical day in October. as per a report from CNBC.
Shoppers bought 285% more toys and 218% more fitness equipment.
Adobe Analytics says that the $9.12 billion is more than the $8.92 billion that was predicted for 2021 and the $9.03 billion that was reported the year before. Black Friday sales were predicted to increase by only 1%. This year's price hike may be partly attributed to inflation since consumers pay more for the same goods.
Black Friday saw a surge in the popularity of layaway arrangements as shoppers sought solutions to the ongoing problem of high prices and inflation.
What Did Consumers Buy?
Payments made via the Buy Now Pay Later rose by 78% in the week beginning November 19 compared to the previous week, while income from the scheme has increased by 81% during the same period.
The research said gaming consoles, drones, Apple MacBooks, Dyson devices, and toys like Fortnite, Roblox, Bluey, Funko Pop!, and Disney Encanto were popular this year.
Black Friday buyers also set a record for mobile orders, with 48% of online transactions done on cell phones, up from 44% the previous year.
After the COVID-19 pandemic dampened in-store shopping for two years, Reuters reported that Black Friday morning witnessed less traffic than normal due to occasional rain in certain areas.
Despite Black Friday's largest-ever online sales, consumer confidence in the economy is at its lowest point since the Great Recession of 2008-09.
The National Retail Federation (NRF) reported that the current economic climate had affected the Christmas shopping plans of over 60% of Americans, National Public Radio reported.
According to last week's statement from NRF President and CEO Matthew Shay, data indicates that the Thanksgiving holiday weekend will result in strong store traffic, with "a record number of shoppers taking advantage of value pricing" amid speculations on the impact of inflation on consumer behavior.
Adobe derives its figures from analyzing more than 1 trillion visits to U.S. retail websites for 18 different product categories, including toys, audio equipment, and smart home products.
Shopping Spree Continues Until Cyber Monday
Over the five days beginning on Thanksgiving Day and ending on Cyber Monday, more than 166 million Americans are projected to purchase goods in physical stores or online shopping platforms.
Since the NRF began keeping records in 2017, this is their most optimistic forecast.
Adobe predicts that even though Black Friday is passed, weekend e-commerce will be brisk. The company gauged that shoppers would spend $4.52 billion on Saturday and $4.99 billion on Sunday in preparation for Cyber Monday, the busiest online shopping day of the year.
The company predicts that this year's Cyber Monday will generate $11.2 billion in revenue, an increase of 5.1% year over year.
