Black Friday bargain hunters broke online shopping records, with nearly $10 billion spent online as consumers desperate for deals largely chose to avoid the chaotic crowds.
Shoppers spent a record $9.8 billion online on Friday, up from $9.12 billion the day after Thanksgiving 2022, according to Adobe Analytics, which analyzes e-commerce transactions.
Electronics such as smart watches, televisions and Bluetooth headphones are hot ticket items.
Other favorites are Barbie Fashionistas dolls, Mini Brand toys, cordless and robot vacuums, cookware, skin care and coffee makers.
Even if consumers are breaking records, they won’t want to break the bank with fears of inflation at a 12-year high and average goods and services still significantly more expensive than in recent years.
Last week, 72% more shoppers used flexible “buy now, pay later” payment options, such as Klarna and Afterpay, compared to the previous week, Adobe reported.
Shoppers spent a record $9.8 billion online on Friday and executives said more people were drawn to stores than last year, though it’s too early to draw any conclusions.Robert Miller
On Thanksgiving, shoppers spent $5.6 billion on merchandise online, breaking the record for Turkey Day and paving the way for Black Friday.
Adobe reports that e-commerce prices have fallen over the past 14 months.
“The drop in online prices over the past year has created a favorable environment for consumers with strong discounts this season tempting even the most price-conscious consumers,” said Vivek Pandya, principal analyst at Adobe Digital Insights.
Consumers resist impulse purchases and splurge as savings dwindle, credit card debt grows and inflation and high interest rates persist. Getty Images “Just because you have a great Black Friday doesn’t mean you have a great holiday season,” Macy’s Chief Executive Jeff Gennette told the Wall Street Journal.BRIGITTE STELZER
In-store sales estimates are not yet available, and while reports say crowds at the mall were “calm,” Macy’s and Walmart executives said crowds were larger than last year.
“It’s off to a good start, but it’s too early to tell,” Macy’s CEO Jeff Gennette told the Wall Street Journal. “Just because you have a great Black Friday doesn’t mean you have a great holiday season.”
Retailers cut seasonal intake, ordering fewer items this holiday season and increasing sales in October and November, reducing the incentive to hit the mall on Black Friday.
Shoppers are more value-conscious this year and may wait until the last minute for the best deal they can find.Getty Images
Early sales allow buyers to spread spending, but many are expected to wait until the last minute to get the best deals, experts say.
And it can pay off — stores will likely offer season-long discounts to avoid being stuck with extra inventory after the holidays.
Consumers resist impulse buying and splurge when savings dwindle, credit card debt mounts and inflation and high interest rates persist.
Prices rose 18.2% in October this year compared to October 2020, according to inflation figures.
Shoppers in the Big Apple chose bargains over luxury on Black Friday, The Post reported.
Black Friday bargain hunters destroyed online shopping records this year with nearly $10 billion spent.Getty Images
“People are more value conscious,” said Barbara Kahn, a professor at The Wharton School at the University of Pennsylvania. “People are spending, but they are spending more conservatively.”
Despite record spending to start the season, holiday spending in the US is expected to grow at its slowest pace in five years.
Shoppers have an average budget of $875 for holiday purchases, $42 more than last year.
Clothing, gift cards and toys top most shopping lists, according to a survey by the National Retail Federation
Adobe expects Cyber Week — Thanksgiving to Cyber Monday — to generate $37.2 billion online, up 5.4% from last year and representing 16.8% of the entire holiday season.
Cyber Monday is expected to remain the biggest online shopping day of the season and this year, with spending of $12 billion forecast, up 6.1% from 2022.
With Postal wire
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Source: thtrangdai.edu.vn/en/
