The results are in from Black Friday, and though concern about the economy affected online shoppers, it didn't slow them down. Spending for the day hit a record $9.12 billion, Adobe Analytics found, up 2.3% over a year ago and topping the previous high of $9.03 billion in 2020. Analysts said that despite the spending, there are indications of shopping caution, USA Today reports, including more use of buy now, pay later plans. "We're also seeing more prominent signs of a budget-conscious consumer this year," said Vivek Pandya of Adobe Digital Insights.
The share of Black Friday deals bought through smartphones rose from 44% last year to 48%, the report said. Expectations are mixed for overall holiday shopping. Retailers including Target, Macy's, and Nordstrom had posted a sales slowdown for late October and early November, per CNBC. Sales haven't peaked yet, though: Forecasts call for Cyber Monday, the biggest online shopping day of the year, to post sales of $11.2 billion, which would be an increase over last year of 5.1%. The predictions can be specific: Prices on appliances are supposed to be at their lowest on Thursday, with discounts of 18%. (More Black Friday stories.)
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