Shoppers Spend Record $11.8 Billion Online This Black Friday
UPDATE: Shoppers have just shattered records this Black Friday, spending a staggering $11.8 billion online, a remarkable 9.1% increase from last year, according to Adobe Analytics. This surge comes amidst growing economic uncertainty, highlighting consumers’ drive to seize holiday deals.
Early reports show that online shopping kicked off with a bang, as consumers also spent a record $6.4 billion on Thanksgiving Day itself. The data, released late on November 24, 2023, reflects a significant shift in shopping behavior as more people turn to digital platforms for their holiday purchases.
While online sales saw explosive growth, in-store traffic painted a different picture. Initial figures from RetailNext revealed a 3.6% decline in physical store traffic from 2024. This decline, although troubling, is an improvement over the 6.2% drop witnessed in the days leading up to Thanksgiving, suggesting that consumers are navigating their shopping options carefully.
The impact of this spending spree cannot be overstated. Retailers are hopeful that this year’s online boom will offset any losses in foot traffic, as they adapt to evolving consumer habits. With inflation and economic pressures looming, the resilience shown by shoppers signals an ongoing demand for discounts and deals, which are crucial for many families during the holiday season.
Looking ahead, all eyes will be on the upcoming Cyber Monday, which is expected to further elevate online spending. Experts predict that consumers will continue to seek out savings, driven by the desire to maximize their holiday budgets.
As the holiday shopping season progresses, retailers will closely monitor these trends, hoping for an extended surge in both online and in-store traffic. The latest data underscores the importance of flexibility in retail strategies as consumers navigate a complex economic landscape.
Stay tuned for more updates on this developing story as we keep track of the latest shopping trends and consumer behaviors during this critical holiday season.
