Despite fears of inflation, consumers spent $9.12 billion for online shopping during Black Friday, higher than in previous years, as per a report published by Adobe Analytics.
During the 2022 holiday season, total estimated revenues are $209.7 billion, a growth of 2.5 percent from last year’s recorded revenues of $205 billion.
The customer data analyzer, which tracks the majority of U.S. online retailers, reported that Black Friday online sales were higher than the estimated $8.9 billion. Online Black Friday sales were 2.3 percent higher than last year, while 2020 sales were $9.03 billion.
Sales of devices were in the top spot for the day. The hot products were Xbox Series X, Bluey, Call of Duty: Modern Warfare II, Drones, and MacBook.
According to the company’s 2022 Holiday Shopping Trends & Insights Report, Cyber Monday is projected to be the biggest online shopping day in the season with sales estimated at $11.2 billion.
From October 1 to November 25, total devices revenues were $159 billion, with desktop and other revenues totaling $88 billion, and mobile sales of $71 billion.
Sales of electronics, toys, smart home products, exercise equipment, and audio equipment were significantly higher.
Vivek Pandya, the lead analyst for Adobe Digital Insights, reportedly said, “As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year. Shoppers are embracing the Buy Now-Pay Later payment method more this year to be able to buy desired gifts for family and friends.”
According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, without adjusting for inflation, U.S. retail sales on Black Friday were up 12 percent year-over-year, excluding automotive. Further, in-store sales increased 12 percent from last year, while e-commerce sales experienced sustained growth of 14 percent. Apparel, Electronics, and Restaurants were strong performing sectors.
An annual survey released recently by the National Retail Federation, the world’s largest retail trade association, showed that an estimated 166.3 million people were planning to shop from Thanksgiving Day through Cyber Monday this year, almost 8 million more people than last year.
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