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Black Friday sets online spending record of $11.8B, Adobe says

American consumers set a Black Friday online spending record of $11.8 billion, surpassing last year's $10.8 billion, according to Adobe Analytics. Predicted spending for Cyber Monday is $14.2 billion. Despite higher spending, increased prices may reflect demand dynamics, with AI influencing $22 billion in sales. In-store traffic shows conflicting trends, with slight declines reported nationwide.

Key points

  • 1. Online spending reached $11.8 billion on Black Friday, an increase from $10.8 billion last year, indicating a growing trend in e-commerce.
  • 2. Adobe reports shoppers were spending $12.5 million every minute between 10 am and 2 pm on Black Friday.
  • 3. Expectations for Cyber Monday are even higher, with a forecast of $14.2 billion in online spending.
  • 4. Salesforce reported $79 billion in global Black Friday spending, with $18 billion in the U.S., showing year-over-year increases of 6% and 3% respectively.
  • 5. Increased prices may account for spending growth, with average prices up 7% and order volumes down 1%.
  • 6. AI's influence in holiday shopping was noted, contributing $22 billion to global sales between Thanksgiving and Black Friday.
  • 7. In-store traffic presents mixed signals: RetailNext noted a 3.4% decrease nationwide, while Pass_by reported a 1.17% increase overall and 7.9% in department stores.

Why it matters

  • 1. The annual increase in Black Friday online spending reflects the continuing shift towards digital shopping, accelerated by the pandemic.
  • 2. Economic factors influencing this trend include inflation and rising costs that affect consumer purchasing habits.
  • 3. AI's growing impact on retail demonstrates a major shift in how technology interacts with consumer behavior, relevant to ongoing IT trends.
  • 4. Understanding these trends can inform predictions for future retail strategies and marketing approaches, especially as 2025 approaches.

The record Black Friday online sales highlight a significant shift towards e-commerce in a landscape where prices are rising and AI plays an increasing role, forecasting robust spending in the upcoming Cyber Monday.