Black Friday in the US set a new online sales record, reaching an impressive $9.8 billion, marking a 7.5% increase from the previous year. Mobile shopping played a significant role, accounting for $5.3 billion of these online sales, as reported by Adobe Analytics.
The top-selling categories on this shopping extravaganza included electronics like smartwatches and televisions, along with toys and gaming products, CNBC noted.
Vivek Pandya, a lead analyst at Adobe Digital Insights, highlighted the emergence of a strategic consumer base, emphasizing their intent to capitalize on discounts. He noted the influence of social media advertising and influencers in facilitating mobile spending among consumers.
Despite the robust sales, shoppers were observed to be more price-conscious, managing tighter budgets due to last year's soaring inflation rates and interest hikes.
An interesting trend was the increased usage of 'Buy Now, Pay Later' flexible payment methods, contributing $79 million in sales—a notable 47% increase from the previous year.
The data, collected by Adobe through the analysis of a trillion visits to US retail websites, 18 product categories, and 100 million unique items, showcased a continuation of the shopping momentum from Thanksgiving Day, which saw online sales reaching $5.6 billion, a 5.5% increase from the year before.
Expectations for continued strong spending persisted throughout the weekend and into Cyber Monday, with the anticipation of even better deals. Adobe's forecast projected an approximate expenditure of $10 billion by online shoppers on Saturday and Sunday combined, culminating in a record-breaking $12 billion on Cyber Monday.
(With Agency Inputs)
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