A record $9.12 billion was spent online on Black Friday, November 25, up 2.3% year over year.
According to Adobe Analytics, online sales were up 221% over the average day in October 2022, with online sales up 221% over the average day in October 2022. Smart home items were up 271% and audio equipment was up 230%. Exercise equipment increased by 218%, while toys were a strong category as well, up 285%.
Buy Now Pay Later BNPL revenue is up 81% in the week Nov. 19, Nov. 25 compared to the week prior to that. Black Friday saw 48% of online sales coming from smartphones, up from 44% last year.
See: More people use buy now, pay later for holiday shopping, but experts say it is a double-edged sword.
On Black Friday, hot sellers included Fortnite, Roblox, Bluey, Funko Pop! Gaming remained a popular category, as shoppers snatched up Xbox Series X and PlayStation 5 devices, along with games like FIFA 23, NBA 2 k 23, and Pokemon Scarlet Violet. Other top sellers included drones, Apple MacBooks AAPL, and Dyson products.
As Black Friday hit record spending online, we are seeing more prominent signs of a budget conscious consumer this year, said Vivek Pandya, lead analyst at Adobe Digital Insights. Shoppers are adopting the Buy Now Pay Later payment method this year to be able to buy desired gifts for family and friends. What does Black Friday and Cyber Monday sales tell you about retail stocks, the economy, and the economy?
The shopping mall is expected to remain strong this weekend, with shoppers expected to spend over $9 billion online on Sat, $4.99 billion on Sun Adobe expects Cyber Monday to be the season s and year s biggest online shopping day, driving $11.2 billion in spend and growing 5.1% year over year.
Saturday, Nov. 26, is Small Business Saturday, as consumers are encouraged to shop with local, independent retailers. Adobe Analytics shows that smaller retailers with annual revenues in the $10 million to $50 million range have struggled in an uncertain economic environment, with online sales growing 3 times less than large retailers with over $1 billion in annual revenue.
Adobe expects Cyber Week to generate $34.8 billion in online spending over the 5 days from Thanksgiving Day through Cyber Monday, up 2.8% year on year, representing a 16.3% share of the full Nov-Dec holiday season.