Black Friday Sales Break Record As Consumers Hunt For Deals — Retail Bum

Consumers spent a record-breaking $9.12 billion online on Black Friday sales this year, Adobe’s data shows.

The sales marked a 2.3% year-over-year increment, with demand for electronic products driving sales, followed by toys and exercise equipment.

The solid Black Friday performance came a day after consumers spent a record $5.29 billion on their holiday purchases on Thanksgiving Day, a 2.9% year-over-year increment. This was found to be significantly higher than the average $2 billion to $3 billion consumers spend shopping online on the day, according to Adobe.

Some of the most popular electronic items this year were game consoles, drones, Dyson products, and MacBooks. Meanwhile, Bluey, Funko Pop! and Fortnite took the lead in the toys category.

This year, mobile ordering was a popular option, with 48% of online sales conducted on smartphones, up from 44% in 2021.

The increase in sales was partly driven by consumers’ demand for better deals as they navigate high inflation rates and rising prices. So naturally, a higher share of consumers chose to pay using buy now, pay later (BNPL) options on Black Friday. According to Adobe, the use of BNPL options increased by 78% compared to the week before.

The numbers are welcome news for big box retailers such as Macy’s, Nordstrom and Target — all of whom reported weak sales in late October and early November.

Originally published at https://retailbum.com on November 28, 2022.