Adobe Analytics has released a report on ecommerce sales performance during this year’s Black Friday and Cyber Monday and it looks like the holiday season is off to a blazing start. Online Black Friday sales totaled $9.12 billion in 2022, which reflects a 2.3% increase compared to 2021. The growth in part is brought about by higher prices from inflation. However, sales would still have been higher even if inflation had been factored in, according to Adobe, which gathered data from tracking sales on retailer websites.
Cyber Monday registered even more sales, totaling $11.3 billion in online spending and growing by 5.8% compared to last year. Electronics, toys, and exercise equipment are shopping categories that showed the biggest growth in ecommerce spending.
Shopper turnout in both online and physical stores hit a new record during Black Friday weekend as well. The National Retail Federation (NRF) said a total of 196.7 million shoppers showed up to hunt for the best bargains during Cyber Weekend. In total, the NRF estimates that shoppers spent an average of $325 on holiday-related purchases over the weekend, which is higher than the $301 last year.

Millions More Consumers Expected to Shop Over the Holidays

Record-high Black Friday sales signals that we can expect millions more shoppers to continue shopping until the end of the holidays, which the NRF sets as the 31st of December. The federation forecasts that holiday sales will grow by up to 8% across categories, excluding spending on automobiles, restaurants, and gasoline stations. Americans are eager to shop in stores again and are extremely eager about huge bargains, according to NRF. CEO Matt Shay says that promotions are crucial motivators for shoppers as inflation hits the economy.
Although holiday sales are expected to rise this year, they are expected to grow at a slower pace. Consumers will most likely tap their savings and credit cards to be able to afford their holiday purchases. Shoppers have also been spending less on discretionary spending on items such as furniture and electronics. They are also more selective about what they buy.

Retailers to Rely on Heavy Discounting

Consumers are working around tight budgets this year because of heavy inflation and retailers will have to offer big discounts to move products. This is expected to continue through the holidays and until next year. On average, customers are about halfway done with their holiday shopping. This would mean that retailers should brace themselves to handle more purchases in the weeks leading up to the new year.
The huge shopper turnout during Cyber Weekend can be a clear indication that customers are still willing to purchase, but only if big discounts are available. The NRF noted that consumer habits may be following pre-pandemic patterns where purchases are concentrated on gift-buying around Black Friday leading up to the final sprint before Christmas Day.

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