American consumers broke records this Black Friday – doing so exclusively online. They made it to a staggering $11.8 billion, according to Adobe Analytics. That’s a sizable jump in online shopping as shoppers more than ever are looking to their digital devices for bargains. Now fewer shoppers are deciding to stay home. That decision is fueling the big increase in online spending rather than queuing in busy stores.
Adobe Analytics tracks over Adobe Analytics 1 trillion visits to U.S. retail websites. According to Adobe Analytics, on Black Friday online shoppers spent an incredible $12.5 million each minute from 10 AM – 2 PM. A general trend is that the day has become an important big box store e-commerce event. This amendment is an acknowledgment of the changing retail landscape of consumers.
While digital commerce has soared, brick-and-mortar store traffic was down 3.4% across the country. But foot traffic across the board is up as well—up 1.17% overall, and foot traffic in department stores up a stunning 7.9%. This contrast suggests a shifting dynamic in shopping patterns, where consumers are more inclined to find bargains online while still visiting stores for specific purchases.
Average prices on Black Friday were up 7%, largely due to continuing inflationary pressure on consumer goods, including clothing. They saw order volumes decline by 1%. This trend is indicative of a market where although the spending drum was beating strong, consumers were more discerning with their dollars.
With retailers getting ready for Cyber Monday, it’s expected that online spending could go up to around $14.2 billion. This prediction bodes well for consumers to extend their retail therapy sprees online as the year’s holidays go to market.
