According to data provided by Adobe Analytics on Saturday (November 30th), online spending by American consumers on Black Friday is expected to reach a record-breaking $10.8 billion.
Over the two-day holiday period following Thanksgiving, Adobe estimates purchases to reach $5.2 billion on Saturday and another $5.6 billion on Sunday. With continued consumer interest in electronics, people are looking to take advantage of upgrading their televisions and computers.
Adobe also reiterated its forecast for Cyber Monday, expecting spending to reach $13.2 billion.
Vivek Pandya, Chief Analyst of Adobe Digital Insights, stated in an email report, “The kickoff to Cyber shopping week was strong, with discounts exceeding expectations on Thanksgiving, driving a surge in impulse electronic and apparel purchases by consumers.”
This year’s Black Friday saw significant price reductions, prompting people to consider purchasing higher-priced electronic products. Additionally, some households are also preparing to “upgrade and replace” home appliances, sports equipment, personal care items, and toys.
Overall, Black Friday sales saw an 8.8% year-on-year increase, surpassing the growth rate of 5.5% in 2023. Specifically, toys were favored by parents with an average discount rate of 27.2% this year, while electronics remained the top-selling category, accounting for over 26.5% of overall sales.
Simultaneously, online shopping reached new heights. This year, more consumers chose to shop via mobile phones than computers, with mobile shoppers accounting for nearly 60% of online sales. Online sales on Black Friday reached $3.6 billion, a 10.5% increase from the previous year.
Shoppers are also more willing to seek various consumer guidance, including interacting with chatbots, browsing retail websites, and checking out items recommended by social media influencers, all at higher rates than in 2023.
Deferred payment installment options such as “buy now, pay later” plans were also popular, contributing to $430 million in online spending.
Adobe predicts that as shoppers become more meticulous in budget management, the shopping volume on Black Friday and Cyber Monday will continue to grow, potentially surpassing the historic highs set last year.
Meanwhile, the National Retail Federation predicts that a record 180 million people will be shopping between Thanksgiving and Cyber Monday.