Online Black Friday sales set a new record, and are expected to exceed $9 billion

A Black Friday sale sign in the apparel section of a Macy’s flagship store on Black Friday in New York, US, on Friday, November 25, 2022.

Moon Paradise | bloomberg | Getty Images

This will probably end up being the internet’s biggest Black Friday ever.

Gross online sales for the day after Thanksgiving are expected to reach $9 billion, according to Adobe, which tracks sales on retailers’ websites. That would be a record.

Related investment news

These discount ecommerce stocks could be the winners this holiday season.  Here's why

CNBC Pro
These discount ecommerce stocks could be the winners this holiday season. Here’s why

Through 6 p.m. ET, shoppers have spent $7.28 billion on websites. Adobe said that number could rise to $9.2 billion by the end of the day.

The record spending follows a strong day of Thanksgiving shopping, as consumers brought in an all-time high of $5.29 billion online, up 2.9% year-over-year. Typically, shoppers spend about $2 billion to $3 billion online each day, according to Adobe.

Shoppers were on the move, the company said apple Products such as watches, AirPods, smart speakers, TVs, espresso machines, and game consoles, as well as games from Funkoand Hatchimals and Squishmallows.

Adobe noted that mobile shopping also hit a record high this year, with smartphone sales making up 55% of online sales on Thanksgiving Day. These sales are expected to account for 53% of all Black Friday sales, the company predicts.

In addition, aggressive discounts entice inflation-exhausted consumers to put more items in their carts. Average order volume increased by 12% over the season. Toys, in particular, drove a huge demand, with deals up to 33% off.

For retailers, these numbers may be a promising indicator for the coming weeks. Early forecasts for the holidays were muted. Target, Macy’s, Nordstrom, and other companies reported slowing sales in late October and early November. Consumer sentiment weakened last month as inflation hovered near a four-decade high.

That ratcheted up pressure on retailers this Black Friday weekend — a time often associated with the biggest deals of the holiday shopping season.

Adobe expects Cyber ​​Week, the five days from Thanksgiving Day through Cyber ​​Monday, to generate approximately $34.8 billion in online spending, up nearly 3% compared to 2021. Cyber ​​Monday is expected to be the largest day Shop online, where sales are set to reach $11.2. billion, the company predicted.

— CNBC’s Melissa Rybko contributed to this report.

Leave a Reply

%d bloggers like this: