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Black Friday Online Sales Sets A New Record Of $9 Billion

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Black Friday Online Sales Sets A New Record Of $9 Billion

(CTN NEWS) – According to a report released Saturday, Americans spent a record $9.12 billion online this Black Friday as they avoided the pinch of high inflation and took advantage of deep deals on everything from smartphones to toys.

According to Adobe Inc.’s (ADBE.O) data and insights arm Adobe Analytics, online spending increased 2.3% on Black Friday due to shoppers waiting for discounts until the customary big shopping days.

Even though sales began as early as October, toys and workout equipment both saw increases of 218% and 285% in popularity among shoppers, respectively.

On Black Friday, many customers adopted flexible payment options as they struggled with rising prices and inflation.

Beginning on Nov. 19, Buy Now Pay Later payments jumped by 78% compared to the previous week, while Buy Now Pay Later income increased by 81% over the same time frame.

Black Friday Online Sales Set A New Record Of $9 Billion

A fast-moving conveyor moves packages to delivery trucks during operations on Cyber Monday at Amazon’s fulfillment center in Robbinsville, New Jersey, November 29, 2021.

According to the research, some of this year’s hottest products were gaming consoles, drones, Apple MacBooks, Dyson gadgets, and toys like Disney Encanto, Fortnite, Roblox, Bluey, and Funko Pop!

In addition to setting a new record for mobile orders, Black Friday consumers also increased the percentage of online sales made on smartphones from 44% to 48%.

The unprecedented spending follows a successful Thanksgiving shopping day in which customers spent an all-time high of $5.29 billion online, up 2.9% from the previous year.

According to Adobe, buyers typically spend between $2 billion and $3 billion online daily.

Black Friday Online Sales Set A New Record Of $9 Billion

These figures could be a positive sign for merchants in the upcoming weeks.

Target, Macy’s, Nordstrom, and other stores reported a slowdown in sales in late October and early November, and early Christmas estimates have been modest.

As inflation continues to hover near four-decade highs, consumer morale has deteriorated over the past month.

Black Friday Online Sales Sets A New Record Of $9 Billion

Even though Black Friday is passed, e-commerce will continue to be popular over the weekend, according to a survey from Adobe.

Before Cyber Monday’s biggest online shopping day of the year, Adobe anticipates consumer spending to total $4.52 billion on Saturday and $4.99 billion on Sunday.

According to Adobe, this year’s Cyber Monday is anticipated to generate $11.2 billion in sales, an increase of 5.1% from last year.

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