U.S. shoppers spent $9.12 billion online on Black Friday – breaking a record – according to Adobe Analytics, which tracks sales on retailers’ websites. The spending represents a 2.3 percent increase compared to $8.92 billion in 2021. It also was higher than the $9.03 billion in 2020.
Electronics were the major driver of the sales increase, with online sales up 221 percent over the average day in October 2022. Smart home items were up 271 percent and audio equipment was up 230 percent. Toys increased by 285 percent and exercise equipment increased 218 percent.
“As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year,” said Vivek Pandya, lead analyst, Adobe Digital Insights. “Shoppers are embracing the buy-now, pay-later (BNPL) payment method more this year to be able to buy desired gifts for family and friends.”
As online spending picked up, consumers feeling the pinch of inflation and higher prices, chose flexible payment plans. BNPL revenue was up 81 percent from November 19-25 compared to the prior week. Mobile shopping remained popular, with Black Friday hitting a record — 48 percent of online sales came from smartphones, up from 44 percent last year.
Adobe expected discounts would remain strong throughout the weekend, with shoppers spending another $4.52 billion on Saturday and $4.99 billion on Sunday. Cyber Monday was expected to top Black Friday online sales, with totals reaching $11.2 billion, growing 5.1 percent year-over-year.
Adobe expects Cyber Week, the five days from Thanksgiving Day through Cyber Monday, to generate $34.8 billion in online spending, up 2.8 percent year on year, representing a 16.3 percent share of the full November to December holiday season.
