Strong online sales were expected over Thanksgiving weekend, with shoppers forecast to spend more than $9 billion online, eventually surpassing
Shoppers didn’t care if there were high prices this Black Friday, spending a record $9.12 billion , according to Adobe Analytics, which tracks more than 85% of the 100 largest US online retailers.
The figure represents a 2.3% increase over the prior year, surpassing the previous Black Friday online sales mark of $9.03 billion in 2020.
48% of online sales, almost half, were made through smartphones, compared to 44% last year , according to the Adobe Analytics Holiday 2022 Shopping Trends and Insights Report.
More shoppers have taken advantage of ‘buy now pay later’ services by placing orders on Black Friday, up 78% from the previous week, according to the report.
“As Black Friday hits record spending on online shopping, we’re also seeing more prominent signs of a budget-conscious consumer this year. Shoppers are embracing the ‘Buy Now, Pay Later’ payment method more this year in order to purchase desired gifts for family and friends,” said Vivek Pandya, principal analyst at Adobe Digital Insights, according to USA Today.
The National Retail Federation expects Christmas sales, including online sales, to rise 6-8% this year, down from 13.5% a year ago . But those estimates are not adjusted for inflation, so spending could even decline, Adobe Analytics said.
Adobe Analytics expects total online sales for the holidays, November 1 to December 31, to increase 2.5%, a smaller increase than the 8.6% increase recorded last year.
Strong online sales were expected over Thanksgiving weekend, with shoppers forecast to spend more than $9 billion online ($4.52 billion on Saturday, $4.99 billion on Sunday), figures that were exceeded.
Cyber Monday is forecast to be the biggest online shopping day of the year. Adobe Analytics expects sales of $11.2 billion, up 5.1% from last year.