Black Friday shoppers wait to enter the Coach store at the Opry Mills mall in Nashville, Tennessee on November 25, 2022.
Seth Herald | AFP | Getty Images
Consumers spent a record $9.12 billion online during Black Friday this year, according to Adobe, which tracks sales on retailer websites.
Total online sales the day after Thanksgiving were up 2.3% year-on-year, with electronics the main contributor, with online sales up 221% from the average day in October, according to Adobe. Another popular category among buyers was toys, which grew by 285%, as well as exercise equipment, which grew by 218%.
Many consumers have adopted flexible payment plans on Black Friday as they continue to grapple with high prices and inflation. Buy Now Pay Later payments increased 78% week-over-week starting November 19, and Buy Now Pay Later revenue increased 81% over the same period.
Some of this year’s hottest merchandise included gaming consoles, drones, Apple MacBooks, Dyson products, and toys like Fortnite, Roblox, Bluey, Funko Pop! and Disney Encanto, according to the report.
Black Friday shoppers also broke the record for mobile orders, with 48% of online sales made on smartphones, up from 44% last year.
The record spending followed a successful Thanksgiving day of shopping when consumers forked out online for a record high of $5.29 billion, up 2.9% from last year. Shoppers typically spend between $2 billion and $3 billion a day online, according to Adobe.
For retailers, these figures could be a promising indicator for the coming weeks. Early holiday forecasts were muted, with Target, Macy’s, Nordstrom and other retailers reporting a lull in sales in late October and early November. Consumer sentiment also eased last month as inflation hovered near a four-decade high.
Even though Black Friday is over, e-commerce activity will remain strong over the weekend, according to an Adobe report. Adobe expects consumers to spend $4.52 billion on Saturday and $4.99 billion on Sunday ahead of the biggest online shopping day of the year, Cyber Monday.
Cyber Monday is expected to generate $11.2 billion in spending this year, up 5.1% from last year, according to Adobe.