Black Friday Shoppers Splurge $18 Billion Amid Economic Uncertainty
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Despite economic uncertainty casting a shadow over the holiday season, Black Friday shoppers splurged a record $18 billion in the US and $79 billion globally. Adobe Analytics reported a 9.1% jump in online sales to $11.8 billion, while Mastercard SpendingPulse estimated a 4.1% increase in overall sales excluding automotive. Consumers opted for online deals, with top categories including video game consoles, electronics, and home appliances. Shopping services powered by AI and social media advertising influenced purchasing decisions. Online sales peaked at $12.5 million per minute between 10 a.m. and 2 p.m. local time. In-store traffic declined by 3.6% compared to last year, but Sensormatic Solutions noted that this was better than the 6.2% drop seen in the days leading up to Thanksgiving. The firm expects in-store traffic to remain high in the coming weeks, with the weekend following Thanksgiving and the days leading up to Christmas being particularly busy. Rising prices and job security concerns may be contributing to consumers' cautious spending. Despite spending more overall, shoppers purchased fewer items at checkout and saw a 7% increase in average selling prices. The National Retail Federation estimates that US shoppers will spend over $1 trillion for the first time this year, with a growth rate of 3.7% to 4.2% year over year.
