What Inflation? Online Black Friday Shopping Numbers Hit $10.8 Billion Record High

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Black Friday shopping in 2024 shattered records as Americans spent $10.8 billion online, a 9.9% increase from last year, according to Adobe Analytics. This surge followed another milestone on Thanksgiving Day, where online sales hit $6.1 billion, marking an 8.8% year-over-year growth. Despite a shorter holiday shopping window this year, consumers seized early deals offered by major retailers like Amazon and Walmart.

The robust spending raised questions about whether it aligns with current economic realities. Inflation and concerns over rising interest rates have tightened consumer budgets in recent months. However, the Black Friday shopping data suggest a resilience in discretionary spending.

Mobile Shopping Leads the Charge

A significant portion of the spending occurred on mobile devices. Adobe reported that 59.5% of Black Friday purchases were made on smartphones, reflecting a 10.5% year-over-year increase. This shift underscores the growing importance of mobile-friendly e-commerce platforms in holiday shopping trends.

Electronics, toys, and apparel were among the most sought-after categories. Discounts on electronics peaked at 26.5%, while toy discounts averaged 27.2%. Popular items included PlayStation 5 consoles, Harry Potter LEGO sets, and smartwatches. Apparel also saw substantial sales, driven by markdowns from major retailers.

Comparing This Year’s Black Friday Shopping Data to 2023

The 2024 Black Friday shopping boom represents stronger growth compared to last year. Adobe noted that 2023’s Thanksgiving online sales increased by 5.5%, while this year’s growth rate nearly doubled to 8.8%. Similarly, Black Friday sales climbed 9.9% year-over-year, signaling heightened consumer confidence during this holiday season.

However, in-store sales told a different story. While MasterCard reported a modest 0.7% increase in brick-and-mortar sales, while online retail sales surged by 14.6%. This gap highlights the continuing shift toward e-commerce, as convenience and early access to deals drive consumers online.

Insights on Spending Trends and Economic Context

While spending growth paints an optimistic picture, it’s worth examining the broader economic context. The increased spending may reflect aggressive promotions rather than robust consumer financial health. Adobe pointed to heavy discounts in toys and electronics as a major driver of impulse purchases.

Economic pressures like inflation and high interest rates may also influence spending patterns. Retailers launching deals earlier—Amazon began its Black Friday discounts eight days before Thanksgiving—may have encouraged consumers to spread out purchases, making them feel less financially strained.

Spending trends also highlight disparities in consumer behavior. Wealthier Americans appear to have contributed significantly to the growth, as luxury items like jewelry and high-end appliances experienced sharp sales increases. Meanwhile, middle- and lower-income shoppers likely benefitted from discounts on everyday goods, emphasizing the role of pricing strategies in driving sales.

What The Black Friday Shopping Data Means for Retailers

Retailers are adapting to evolving consumer habits. Adobe’s analysis shows that early promotions and mobile-first strategies are paying off. Amazon, which gained 1% in stock value on Black Friday, capitalized on its speedy delivery and Prime membership perks. Walmart and other big-box retailers also saw gains, albeit more modest.

The numbers also signal the importance of optimizing for mobile platforms. With over half of Black Friday shopping occurring on smartphones, retailers that invest in mobile-friendly interfaces and apps are poised to capture a larger share of holiday spending.

The Season Isn’t Over: Beyond Black Friday Shopping

With just weeks remaining in the holiday season, retailers are likely to push even deeper discounts to maintain momentum. Adobe forecasts that Cyber Monday will see another record-setting day, potentially surpassing Black Friday’s $10.8 billion in online sales.

The strength of Black Friday shopping numbers offers hope for a robust finish to 2024, despite economic challenges. However, these figures also raise questions about how sustainable such growth is, especially if economic pressures intensify. Did the recent Black Friday shopping numbers indicate the real US economic conditions? Tell us what you think!

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