Black Friday Sees a Notable 7.5% Surge in eCommerce Spending

Black Friday Sees a Notable 7.5% Surge in eCommerce Spending

News by Roberto Orosa
Published: November 27, 2023

Black Friday saw a notable 7.5% surge in e-commerce spending compared to the previous year, reaching a record $9.8 billion in the U.S., according to an Adobe Analytics report.

“We’ve seen a very strategic consumer emerge over the past year where they’re trying to take advantage of these marquee days so that they can maximize on discounts,” Adobe Digital Insights lead analyst Vivek Pandya shared in a statement.

Pandya attributed this growth to impulse purchases, with $5.3 billion of online sales originating from mobile shopping, as well as influencers and social media ads playing a vital role in their decision-making.

Online Shoppers Prefer Flexibility When It Comes to Payment

Consumers remain price-sensitive due to tighter budgets resulting from last year's record inflation and interest rates in the U.S.

According to the report, $79 million of Black Friday sales came from consumers opting for the "Buy Now, Pay Later" payment method, increasing by 47% from 2022.

Electronics, toys and gaming were among the best-selling categories on Black Friday, with sales directly tied to the products offering the best discounts.

The Share of Online Shopping Grows Significantly

A Mastercard analysis revealed a shift with in-store sales rising just over 1%, while online sales grew by over 8% compared to the previous year.

Commenting on this shift, Pandya pointed out long lines as a reason for the paradigm shift and noted that consumers feel "more in the driver’s seat" when shopping online due to easier price comparisons.

Adobe anticipates strong spending over the weekend and Cyber Monday, forecasting online shoppers to spend around $10 billion on Saturday and Sunday and a record $12 billion on Cyber Monday.

However Cyber Monday will be the last major deal day before the holiday break, Pandya continued.

With savings diminishing and consumers grappling with inflation and high interest rates, the National Retail Federation (NRF) anticipates a slowdown in holiday spending growth to about 4% in 2023, aligning with pre-pandemic growth rates.

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