Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Business

Black Friday spending hits record online, shoppers avoid crowds

Black Friday bargain hunters broke online shopping records, with nearly $10 billion spent online as consumers desperate for deals largely opted to avoid chaotic crowds.

Shoppers spent a record $9.8 billion online on Friday, up from $9.12 billion the day after Thanksgiving 2022, according to Adobe Analytics, which analyzes e-commerce transactions.

Electronic products such as smart watches, televisions and Bluetooth headphones were popular items.

Other favorites included Barbie Fashionistas dolls, Mini Brands toys, cordless and robot vacuum cleaners, kitchen utensils, skin care and coffee makers.

While consumers are breaking records, they are not looking to go broke with fears of inflation at a 12-year high and average goods and services still much more expensive than in recent years.

Last week, 72% more shoppers used flexible “buy now, pay later” payment options like Klarna and Afterpay than the week before, Adobe reported.

Shoppers spent a record $9.8 billion online on Friday and executives said stores drew bigger crowds than last year, although it’s still too early to draw conclusions.
Robert Miller

On Thanksgiving Day, shoppers gobbled up $5.6 billion worth of goods online, breaking the Turkey Day record and paving the way for Black Friday.

Adobe reported that e-commerce prices have fallen over the past 14 months.

“The decline in online prices over the past year has created a favorable environment for consumers with steep discounts this season that are tempting even the most price-conscious consumers,” said Vivek Pandya, principal analyst at Adobe Digital Insights.

Consumers resist impulsive purchases and splurges as savings dwindle, credit card debt grows, and inflation and high interest rates persist.
fake images
“Just because you have a great Black Friday doesn’t mean you have a great holiday season,” Macy’s CEO Jeff Gennette told the Wall Street Journal.
BRIGITTE STELZER

Store sales estimates were not yet available, and while reports say crowds at malls were “moderate,” executives at Macy’s and Walmart said crowds were larger than last year.

“It’s off to a good start, but it’s too early to call,” Jeff Gennette, Macy’s CEO. told the Wall Street Journal. “Just because you have a great Black Friday doesn’t mean you have a great holiday season.”

Retailers reduced seasonal hiring, ordered fewer products for this holiday season and boosted sales in October and November, reducing the incentive to go to the malls on Black Friday.

Shoppers are more value-conscious this year and will likely wait until the last minute to find the best deals.
fake images

Early sales allowed buyers to spread their expenses, although many are expected to wait until the last minute to get the best possible deals, experts say.

And it could pay off: Stores will likely offer discounts throughout the season to avoid being left with extra inventory after the holidays.

Consumers resist impulsive purchases and splurges as savings dwindle, credit card debt grows, and inflation and high interest rates persist.

Prices rose 18.2% in October this year compared to October 2020, according to inflation figures.

Big Apple shoppers opted for affordability over luxury during Black Friday, The Post reported.

Black Friday bargain hunters broke online shopping records this year with nearly $10 billion spent.
fake images

“People are more aware of values,” said Barbara Kahn, a professor at the Wharton School of the University of Pennsylvania. “People are spending, but they’re spending more conservatively.”

Despite record spending at the start of the season, U.S. holiday spending is expected to rise at the slowest pace in five years.

Shoppers have an average budget of $875 for holiday shopping, $42 more than last year.

Clothing, gift cards and toys top most shopping lists, National Retail Federation survey finds

Adobe expects Cyber ​​Week (Thanksgiving to Cyber ​​Monday) to generate $37.2 billion online, up 5.4% from last year and accounting for 16.8% of the entire Christmas season.

Cyber ​​Monday is expected to remain the biggest online shopping day of the season and year, with expected spending of $12 billion, up 6.1% from 2022.

With post cables

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button