{"id":37203,"date":"2023-11-26T09:01:35","date_gmt":"2023-11-26T09:01:35","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/black-friday-was-a-hit-online-reaching-a-record-9-8-billion-in-the-u-s\/"},"modified":"2023-11-26T09:01:36","modified_gmt":"2023-11-26T09:01:36","slug":"black-friday-was-a-hit-online-reaching-a-record-9-8-billion-in-the-u-s","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=37203","title":{"rendered":"Black Friday Was a Hit Online, Reaching a Record $9.8 Billion in the U.S."},"content":{"rendered":"
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Shoppers carry Macy\u2019s bags during Black Friday in New York on Nov. 24, 2023, the unofficial start of the holiday shopping season.<\/h4>\n


\n AFP via Getty Images
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Early Black Friday sales data pointed to a healthy start to the holiday shopping season\u2014at least online. <\/p>\n

Despite industry expectations for slowing retail sales growth overall this year,
\n Adobe
\n said Black Friday online sales in the U.S. reached a record $9.8 billion on Black Friday, a 7.5% year-over-year increase. The analytics firm expects consumers to spend another $10 billion to be spent over the weekend and $12 billion on Cyber Monday.<\/p>\n

\n

Online sales reached $70.9 billion globally, an 8% increase from Black Friday last year, according to data from
\n Salesforce.<\/span>
\n Black Friday global online sales were $65.3 billion last year. <\/p>\n

In the U.S., online sales increased 9% to $16.4 billion globally, according to the Salesforce data. A Salesforce spokesperson said the figures beat what the company was expecting. <\/p>\n

Adobe said electronics were a major growth driver this year, and called out smartwatches, TVs, and audio equipment as popular purchases. Other hot sellers included toys such as Barbie Fashionista dolls and KidKraft play sets; gaming consoles such as the PlayStation 5 and Xbox Series X; and videos Call of Duty: Modern Warfare III and Super Mario Bros. Wonder. <\/p>\n

Footwear, health and beauty, skincare, and sporting goods were all high-performing categories this year, Salesforce said. <\/p>\n

\n Shopify,<\/span>
\n which counts both online and offline sales from its merchants, said global sales increased 22% year over year to a record $4.1 billion. <\/p>\n

The data follow on a solid Thanksgiving Day performance for retailers. Adobe estimated that a record $5.6 billion was spent online on Thursday, up 5.5% year over year. <\/p>\n

And the shopping weekend isn\u2019t over. Adobe sees another $10 billion in U.S. sales across Saturday and Sunday, with Cyber Monday bringing in a record $12 billion.\u00a0<\/strong>Shoppers were expected to do about a sixth of all their online holiday shopping between Thanksgiving and Cyber Monday.<\/p>\n

Last year, Salesforce saw a total of $281 billion in global online sales and $68 billion in the U.S. across what it calls Cyber Week, the period between Black Friday and Cyber Monday. Salesforce projects a 1% increase in U.S. Cyber Week online sales this year and a 4% increase globally. <\/p>\n

The data don\u2019t give a clear picture into what\u2019s happening on the ground at the bricks-and-mortar operations of big retailers like
\n Best Buy,<\/span>
\n Target,
\n Nordstrom,<\/span>
\n and
\n Kohl\u2019s.<\/span>
\n Recent earnings from those companies have shown a slowdown in sales.<\/p>\n

And the National Retail Federation predicted that total holiday sales growth will slow this year to a rate of 3% to 4%, between $957.3 billion and $966.6 billion. That\u2019d be the smallest increase since 2019 when sales grew 3.8%.<\/p>\n

Shoppers are expected to do a lot more of their shopping online this year. A Deloitte study found that 61% of shoppers\u2019 Black Friday budgets will be spent online this year, a two-percentage point increase over last year. <\/p>\n

Those purchases are being made on shoppers\u2019 phones. Salesforce said 79% of digital visits to websites this year came from mobile phones, a record high in mobile traffic. Adobe said mobile shopping accounted for $5.3 billion of Black Friday\u2019s online sales\u201454% of all online sales. <\/p>\n

Shoppers are also relying more on flexible payment methods, also known as Buy Now, Pay Later (BNPL). Adobe noted that BNPL orders rose 72% week over week from Nov. 18 to Nov. 24. BNPL revenue increased 47% in that period, Adobe said. <\/p>\n

Consumers and their budgets might feel more stretched this year. Still-hot inflation, higher interest rates, the resumption of student loan payments, and fears about an economic downturn are headwinds for shoppers, Barron\u2019s <\/em>has said. <\/p>\n

Write to editors@barrons.com<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shoppers carry Macy\u2019s bags during Black Friday in New York on Nov. 24, 2023, the unofficial start of the holiday shopping season. AFP via Getty Images Early Black Friday sales data pointed to a healthy start to the holiday shopping season\u2014at least online. Despite industry expectations for slowing retail sales growth overall this year, Adobe<\/p>\n","protected":false},"author":1,"featured_media":37204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-37203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nBlack Friday Was a Hit Online, Reaching a Record $9.8 Billion in the U.S. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Shoppers carry Macy\u2019s bags during Black Friday in New York on Nov. 24, 2023, the unofficial start of the holiday shopping season. 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