Online sales on Black Friday reached record levels as U.S. shoppers spent $9.8 billion, an increase of 7.5% from last year, according to Adobe Analytics.
The five-day shopping spree that runs from Thanksgiving Day to Cyber Monday kicked off with a bang on Thanksgiving, with U.S. consumers spending $5.6 billion online, marking a growth of 5.5% from last year, as reported by Adobe Analytics.
An estimated 182 million people were expected to participate in this five-day shopping event, with Black Friday predicted to be the busiest day of them all. This prediction stems from a survey conducted by the National Retail Federation (NRF) and Prosper Insights and Analytics.
The survey of 8,424 adult consumers revealed that about 72% planned to shop on Black Friday this year, a rise from 69% in 2022. This equates to about 130.7 million Black Friday shoppers, an increase from 114.9 million in 2022.
Holiday spending is projected to reach record levels during November and December, growing between 3% and 4% from last year. The total expected spending ranges from $957.3 billion to $966.6 billion, based on NRF forecasts.
“The Thanksgiving holiday weekend is known for being one of the busiest shopping days of the year, as consumers enjoy the tradition of finding the perfect gifts for friends and family,” stated NRF President and CEO Matthew Shay. “Retailers have been preparing for months and are ready to assist customers in their searches for desirable gifts at attractive prices throughout the holiday season.”
Moreover, online shopping is expected to show an increase of between 7% and 9% from the 2022 holiday season, potentially totaling $273.7 billion to $278.8 billion. Sales on Black Friday alone are anticipated to grow 5.7%, surpassing $9.6 billion, as reported by Adobe Analytics.
“Consumers remain proactive and resilient despite challenges posed by inflation, rising gas prices, strict credit conditions, and elevated interest rates,” NRF Chief Economist Jack Kleinhenz remarked. “We expect spending to persist through the end of the year on various items and experiences at a slower pace. Solid job and wage growth will play significant roles this holiday season as consumers seek deals to maximize their budgets.”
Are You Ready to Find Deals?
If you plan to participate in the five-day shopping event, it’s essential to stay informed about the latest deals and discounts available.
