US online sales by Black Friday shoppers reached a record high, up 7.5% year over year

According to the report, e-commerce spending on Black Friday reached 9.8 billion dollars, up 7.5% from the previous year, and recorded a record high in the US.

Over the past year, very strategic consumers have emerged and they are really trying to take advantage of these important days so they can make the most of discounts.

The rapid increase in consumption on Black Friday reflects consumers who are more motivated to consume than in 2022, when gasoline and food prices were painfully high.

Pandya pointed out that since 5.3 billion dollars of Black Friday sales were due to mobile shopping, there is a possibility that impulse purchases played a role in the growth of Black Friday. He pointed out that consumers can now easily shop on mobile devices thanks to influencers and social media ads.

Still, shoppers are price sensitive and are managing tight budgets due to last year's record inflation and interest rates. According to the survey, $79 million of sales came from consumers who chose a flexible payment method called “Buy Now, Pay Later” in order to extend their wallet strings, compared to last year47% increaseI added it.

According to the report, the best-selling categories on Black Friday were electronic devices such as smartwatches and televisions, toys, and games. Meanwhile, home repair tools didn't work. This will be directly linked to which products are being discounted the most.

When Mastercard analyzed this year's Black Friday sales, in-store sales increased by just over 1%, while online sales increased by 8% or more compared to last year.

Consumers prefer shopping online. The reason for this is that it is easy to compare prices side by side, making it easier to secure better prices.

According to preliminary analysis, Black Friday maintained the momentum of Thanksgiving the day before (total online sales of 5.6 billion dollars).

This momentum continued from the weekend until Cyber Monday, and it was anticipated that the biggest bargains would continue. It was predicted that online shopping users' consumption on Saturdays and Sundays would reach about 10 billion dollars, and Cyber Monday would reach a record high of 12 billion dollars.

However, according to Pandya, there is a high possibility that consumption will taper off in the second half of the holiday season. Since Cyber Monday is the last bargain day of the holiday season, there is a possibility that it will be the last time spent on non-essential goods within the year.

“We expect growth to weaken as discounts weaken and have greatly influenced buyer behavior this season,” Pandya said.

Pandoya pointed out that since there are always givers who procrastinate on shopping at the end of the year, there is a possibility that consumption will continue until the latter half of December. But he says the real increase in consumption is in November and Thanksgiving week.