Black Friday online sales reach record level, according to Adobe Analytics
Online Black Friday shopping sales climbed 7.5% from last year, according to the company
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Online shoppers who took advantage of Black Friday spent enough with retailers to set a new record this year, according to Adobe Analytics.
The company said online Black Friday shopping sales came in at $9.8 billion.
It climbed 7.5% from the total that Black Friday online shoppers forked over in 2022, according to Adobe Analytics. Last year, consumers spent $9.2 billion online on the day after Thanksgiving.
Some retail experts and financial lending providers are saying buy now, pay later programs are the new layaway. (iStock / iStock)
"The decline in online prices over the last year has created a favorable environment for consumers with strong discounts this season that are tempting to even the most price conscious consumers," Adobe Digital Insights lead analyst Vivek Pandya said in a statement.
BLACK FRIDAY, HOLIDAY SHOPPING SEASON OFF TO A STRONG START
Purchases of electronics in particular contributed to this year’s Black Friday online sales, climbing 152% from their daily averages in October, according to the company. Many consumers picked up smartwatches, TVs and audio equipment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADBE | ADOBE INC. | 504.44 | +4.94 | +0.99% |
The new record-level comes after Adobe Analytics had projected back in October retailers would see $9.6 billion from online shoppers on the popular shopping day.
Woman hand holding credit cards and using smartphone for shopping online with payment on internet banking. (iStock / iStock)
Here’s how much online spending has occurred on other days of Cyber Week so far, according to Adobe Analytics:
- Thursday (Thanksgiving): $5.6 billion.
- Saturday: $5 billion.
- Sunday: $5.3 billion.
Buy Now, Pay Later has been an increasingly popular option for shoppers, with Adobe Analytics reporting a 20% year-over-year increase in online customers using it over the weekend. On Cyber Monday, online consumers are projected to choose the method for $782 million worth of shopping, the company said.
CYBER MONDAY SALES DRIVEN BY ‘BUY NOW, PAY LATER'
Total online sales on Cyber Monday could wind upcoming in the $12-12.4 billion range, setting the day up to break a record of its own, Adobe Analytics also predicted.
Adobe Inc
The company suggested Barbie dolls, LEGO sets, puzzles, card games, Nintendo Switches, headphones and smartwatches would be among the products seeing particular popularity on Monday.
Across all of Cyber Week, online shoppers are forecast to make $37.1 billion worth of purchases, according to Adobe Analytics. That would be 5.4% higher than last year’s $35.27 billion.