NEW YORK — Despite wider economic uncertainty hovering over this year’s holiday season, shoppers turned out in big numbers for Black Friday, spending billions of dollars both in stores and online. Adobe Analytics reported that U.S. consumers spent a record $11.8 billion online on Black Friday, marking a 9.1% increase from last year, with peak shopping activity occurring between 10 a.m. and 2 p.m. local time where spending averaged $12.5 million every minute.
In addition, consumers leaned towards e-commerce platforms, with Thanksgiving Day online sales reaching $6.4 billion. Categories such as video game consoles, electronics, and home appliances saw significant spikes in sales, influenced heavily by shopping services powered by artificial intelligence and social media advertising.
Meanwhile, Salesforce estimated that Black Friday’s online sales totaled $18 billion nationally and $79 billion globally, with Shopify reporting its merchants raked in $6.2 billion worldwide, showcasing the growing trend of consumers shopping from home rather than braving crowded stores.
However, in-store traffic continues to dwindle, with RetailNext noting a 3.6% fall in U.S. Black Friday foot traffic from the previous year. Joe Shasteen, a global manager of advanced analytics at RetailNext, observed that shoppers are now spreading their purchases over a longer time and are entering stores with more focused intentions.
Despite the decline in foot traffic, Friday's sales numbers suggest that consumers are still enthusiastic about major promotional events, with an even greater shopping surge anticipated through the weekend and Cyber Monday, when estimated sales could peak at $14.2 billion.
Although spending overall has increased, rising prices have influenced consumer behavior. Salesforce found that while overall spending was up, U.S. shoppers bought fewer items at checkout — down 2% from last year — as average selling prices climbed. Rising credit card debts and a growing reliance on 'buy now, pay later' plans indicate a cautious consumer base amid economic pressures, such as corporate layoffs and the impact of recent government shutdowns.
For the entire holiday season, the National Retail Federation predicts that U.S. shoppers will surpass the $1 trillion mark for the first time despite a slower growth rate than in previous years, reflecting both positive retail performance and underlying consumer anxieties.
In addition, consumers leaned towards e-commerce platforms, with Thanksgiving Day online sales reaching $6.4 billion. Categories such as video game consoles, electronics, and home appliances saw significant spikes in sales, influenced heavily by shopping services powered by artificial intelligence and social media advertising.
Meanwhile, Salesforce estimated that Black Friday’s online sales totaled $18 billion nationally and $79 billion globally, with Shopify reporting its merchants raked in $6.2 billion worldwide, showcasing the growing trend of consumers shopping from home rather than braving crowded stores.
However, in-store traffic continues to dwindle, with RetailNext noting a 3.6% fall in U.S. Black Friday foot traffic from the previous year. Joe Shasteen, a global manager of advanced analytics at RetailNext, observed that shoppers are now spreading their purchases over a longer time and are entering stores with more focused intentions.
Despite the decline in foot traffic, Friday's sales numbers suggest that consumers are still enthusiastic about major promotional events, with an even greater shopping surge anticipated through the weekend and Cyber Monday, when estimated sales could peak at $14.2 billion.
Although spending overall has increased, rising prices have influenced consumer behavior. Salesforce found that while overall spending was up, U.S. shoppers bought fewer items at checkout — down 2% from last year — as average selling prices climbed. Rising credit card debts and a growing reliance on 'buy now, pay later' plans indicate a cautious consumer base amid economic pressures, such as corporate layoffs and the impact of recent government shutdowns.
For the entire holiday season, the National Retail Federation predicts that U.S. shoppers will surpass the $1 trillion mark for the first time despite a slower growth rate than in previous years, reflecting both positive retail performance and underlying consumer anxieties.
