Black Friday Online Sales Hit A Record $9.8 Billion - InvestingChannel

Black Friday Online Sales Hit A Record $9.8 Billion

Consumers spent a record $9.8 billion U.S. shopping online for Black Friday deals this year, according to Adobe Analytics (ADBE).

E-commerce spending during Black Friday, which falls on the day after American Thanksgiving, rose 7.5% from last year, reaching a record level.

Adobe noted in its report on Black Friday that consumers appear more willing to spend money this holiday season than in 2022 when gas and food prices were much higher due to inflation.

Also of note this year is that more than half ($5.3 billion U.S.) of the online purchases made on Black Friday were carried out on smartphones and other mobile devices.

Additionally, $79 million U.S. of this year’s sales came from consumers who opted for a “Buy Now, Pay Later” flexible payment method, up 47% from 2022.

As is often the case, the best-selling items on Black Friday were electronic items such as smartwatches and television sets, along with toys.

Adobe said it gathered its Black Friday data by analyzing one trillion visits to U.S. retail websites. The company does not track in-store retail transactions.

However, a Mastercard (MA) analysis of this year’s Black Friday sales found that in-store shopping rose 1% compared to last year as a majority of consumers chose to shop online.

Adobe noted that the biggest bargains on electronics are expected to be found today (Nov. 27), which is the Cyber Monday sales event that comes on the first Monday after American Thanksgiving.

Adobe forecasts that online shoppers will spend a record $12 billion U.S. on Cyber Monday this year.

The stock of Adobe is up 84% this year and trading at $619.43 U.S. per share.

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