Online Black Friday Sales Reach a Record $9.8B — Retail Bum

U.S. consumers spent a record $9.8 billion online on Black Friday, up 7.5% from a year ago, with more price-conscious consumers shopping online for price comparison and to score the best deals, Adobe Analytics’ latest data shows.

This year’s Black Friday shopping craze reflects consumers’ appetite to spend more than last year when high inflation significantly impacted mood and their willingness to engage in impulse shopping.

That is not to say that consumers are not sensitive to high prices this year. Last year’s record inflation and high-interest rates left consumers with tighter budgets, leading many to choose flexible payment options to fund their purchases this year. Some $79 million of the total sales this year were paid using buy now, pay later options, marking a 47% increase over 2022.

“We’ve seen a very strategic consumer emerge over the past year where they’re really trying to take advantage of these marquee days so that they can maximize on discounts,” said Vivek Pandya, group manager at Adobe Digital Insights.

This year, more consumers shopped for electronic products such as televisions, smartwatches, games, and toys. Meanwhile, fewer shopped for home repair products.