(ConservativeJournal.org) – Internet spending on Black Friday surged by nearly 8% compared to 2022, hitting a historic high of nearly $10 billion in the US, according to multiple reports. This trend signifies a shift in consumer behavior, emphasizing a focus on optimal deals and a preference for online shopping.
This Black Friday spending spike suggests a consumer more willing to spend compared to 2022 when high gas and food prices impacted purchasing decisions. Pandya emphasized the role of impulse purchases that contribute to Black Friday’s growth, with $5 billion of online sales originating from mobile shopping, facilitated by influencers and social media advertising.
Electronics such as smartwatches and televisions, along with toys and gaming, were the top-selling categories this year. Conversely, home-repair tools underperformed, with top-selling items closely tied to the products offering the best discounts.
While Mastercard’s analysis noted a modest 1% increase in in-store sales compared to an 8% growth in online sales from the previous year, Adobe has highlighted the evolving paradigm of the in-store Black Friday “experience.” Online shoppers have greater control, benefiting from easier price comparisons and securing better deals.
Retailers are adapting to the trend of deal-seeking consumers, with companies like Best Buy and Lowe’s announcing increased discounts. Target and Ulta Beauty have introduced surprise promotions, featuring 24-hour discounts on specific brands and items.
Black Friday continued the momentum from Thanksgiving Day, with online sales totaling $5 and a half billion, according to a previous Adobe analysis. Predictions indicate that this spending strength will persist over the weekend and through “Cyber Monday,” with an estimated $10 billion spent online on Saturday and Sunday, and a record $12 billion on Cyber Monday.
However, spending is anticipated to taper off as the holiday season progresses, with Cyber Monday potentially marking the last significant spending spike on non-essential goods for the year. Pandya acknowledged that some late holiday shopping might continue into December, but the primary growth surges are expected in November and Thanksgiving week.
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