Black Friday Online Sales Hit Record $11.8B, Reports Adobe
Black Friday 2023 marked a significant milestone as American consumers spent a staggering $11.8 billion online. This figure, reported by Adobe Analytics, highlights a remarkable increase from the previous year’s $10.8 billion, setting a new record for e-commerce activity.
Record Online Spending on Black Friday
Data from Adobe, which analyzes over 1 trillion visits to U.S. retail websites, reveals that online shopping surged. Between 10 AM and 2 PM on Black Friday, a remarkable $12.5 million was spent by consumers every minute.
Predictions for Cyber Monday
Looking ahead, Adobe anticipates an even larger spending spree on Cyber Monday, with estimates reaching $14.2 billion. This trend signifies a pivotal shift in consumer behavior, as more shoppers prefer the convenience of online shopping during major sales events.
Holiday Spending Trends
Adobe’s forecast for the entire holiday season projects total spending to hit $253.4 billion, compared to $241.1 billion in 2024. This early data is crucial for understanding broader shopping patterns.
Salesforce Insights
Salesforce also provided insight into holiday shopping statistics, reporting $79 billion in global spending on Black Friday. Within the U.S., this amounted to $18 billion, reflecting year-over-year growth of 6% and 3% respectively.
- Average price increase: 7%
- Decrease in order volumes: 1%
Interestingly, this surge in spending may not solely stem from heightened consumer demand. The increase in prices may have contributed significantly to the overall revenue figures.
AI’s Influence on Shopping
Both Adobe and Salesforce noted the growing impact of artificial intelligence on holiday shopping. Between Thanksgiving and Black Friday, AI technologies were said to influence approximately $22 billion in global sales.
In-Store vs. Online Trends
While online sales flourished, the comparison with in-store shopping patterns presents a mixed picture. RetailNext observed a 3.4% decrease in nationwide in-store traffic. In contrast, data from Pass_by indicated a slight uptick in foot traffic, with an overall increase of 1.17%, and a more substantial 7.9% rise in department stores.
This insight into consumer behavior as Black Friday approaches helps retailers strategize effectively for the holiday season. As trends continue to evolve, understanding these dynamics is crucial for both online and brick-and-mortar establishments in adapting to consumer preferences.
