Black Friday online sales top $9 billion in new record
Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers’ websites.
Overall online sales for the day after Thanksgiving were up 2.3% year over year, and electronics were a major contributor, as online sales surged 221% over an average day in October, Adobe said.
Many consumers embraced flexible payment plans on Black Friday as they continue to grapple with high prices and inflation. Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, and Buy Now Pay Later revenue is up 81% for the same period.
The record-breaking spending comes on the heels of a strong day of Thanksgiving shopping, in which consumers shelled out an all-time high of $5.29 billion online, up 2.9% year-over-year.
For retailers, these numbers may be a promising indicator of the coming weeks. Early holiday forecasts have been muted, and Target, Macy’s, Nordstrom and other retailers reported a lull in sales in late October and early November.
Can outstanding Black Friday online sales help retail stocks turn the tide against the wind?
Many consumers embraced flexible payment plans on Black Friday as they continue to grapple with high prices and inflation. Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, and Buy Now Pay Later revenue is up 81% for the same period.
The record-breaking spending comes on the heels of a strong day of Thanksgiving shopping, in which consumers shelled out an all-time high of $5.29 billion online, up 2.9% year-over-year.
For retailers, these numbers may be a promising indicator of the coming weeks. Early holiday forecasts have been muted, and Target, Macy’s, Nordstrom and other retailers reported a lull in sales in late October and early November.
Can outstanding Black Friday online sales help retail stocks turn the tide against the wind?
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