Business

Black Friday online sales hit new record, expected to reach $9 billion


Black Friday sale signs in the clothing division of Macy’s flagship store Black Friday in New York, U.S., on Friday, November 25, 2022.

Jeenah Moon | Bloomberg | beautiful pictures

This will likely end the biggest Black Friday ever on the net.

Total online sales in the day after Thanksgiving are expected to hit $9 billion, according to Adobe, which tracks sales on retailers’ websites. That would be a record.

As of 6 p.m. ET, shoppers have spent $7.28 billion on websites. Adobe says that number could grow to $9.2 billion before the day is out.

Record spending appeared heel of a powerful Thanksgiving shopping day, where consumers spent an all-time high of $5.29 billion online, up 2.9% year over year. Typically, shoppers spend between $2 billion and $3 billion online in a single day, according to Adobe.

The company says shoppers are choosing Apple products such as watches and AirPods, smart speakers and TVs, espresso machines and game consoles, and toys from funHatchimals and Squishmallows.

Adobe notes that mobile shopping also hit a record high this year, with smartphone sales accounting for 55% of online sales on Thanksgiving Day. The company predicts these sales will account for 53% of all sales on Black Friday.

In addition, sharp price cuts have entice inflation-weary consumers to add more items to their shopping carts. Average order volume was up 12% during the season. Toys in particular have boosted demand significantly, with deals offering up to 33% off.

For retailers, these numbers can be a promising indicator of the coming weeks. Early holiday forecasts have been muted. Target, Macy’s, northern and others reported sluggish sales in late October and early November. Consumer sentiment has weakened over the past month as inflation hovered near a four-decade high.

That has pressure on retailers over Black Friday weekend — the time usually associated with the biggest deals during the year-end shopping season.

Adobe expects Cyber ​​Week, which runs five days from Thanksgiving to Cyber ​​Monday, to generate about $34.8 billion in online spending, up nearly 3% from 2021. It is expected to be the biggest online shopping day, with sales expected to top $11.2 billion, the company forecasts.

— Melissa Repko of CNBC contributed to this report.

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