Business

Black Friday online sales set to break new record and expected to surpass $9 billion

Black Friday sale sign in Macy’s Black Friday flagship store clothing department in New York, USA on Friday, November 25, 2022.

Gina Moon | Bloomberg | Getty Images

This will most likely be the biggest Black Friday in online history.

Total online sales the day after Thanksgiving are expected to exceed $9 billion, according to Adobe, which tracks sales on retailer websites. It would be a record.

By 6:00 pm ET, shoppers had spent $7.28 billion on websites. That figure could rise to $9.2 billion before the day is over, according to Adobe.

The record spending followed a busy Thanksgiving shopping day when consumers posted a record high $5.29 billion online, up 2.9% from last year. Shoppers typically spend between $2 billion and $3 billion a day online, according to Adobe.

The company said that buyers are gaining momentum. Apple products such as watches and AirPods, smart speakers and TVs, espresso machines and game consoles, and toys from funkoHatchimals and Squishmallows.

Adobe noted that mobile shopping also hit an all-time high this year, with smartphone sales accounting for 55% of Thanksgiving online sales. These sales are expected to account for 53% of total Black Friday sales, the company predicts.

In addition, strong discounts encouraged inflation-weary consumers to put more items in their carts. The average volume of orders for the season increased by 12%. Toys in particular generated significant demand, with discounts of up to 33%.

For retailers, these numbers could be a promising indicator of the weeks ahead. Forecasts for the early holidays were muted. Target, Macy’s, Nordstrom and others reported a lull in sales in late October and early November. Consumer sentiment weakened last month as inflation hovered near a four-decade high.

This increased pressure on retailers over the Black Friday weekend, a time often associated with the holiday shopping season’s biggest deals.

Adobe expects Cyber ​​Week, the five days from Thanksgiving to Cyber ​​Monday, to generate about $34.8 billion in online spending, up nearly 3% from 2021. billion, the company predicts.

— Melissa Repko of CNBC contributed to this report.


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