Sun 27 November 2022:
Despite four-decade-high inflation in the United States, online shoppers set a record with purchases totaling at least $9.12 billion, according to a report by Adobe Inc’s data and insights product Adobe Analytics. Retail stores, on the other hand, saw fewer than usual crowds for the Black Friday sale.
The previous record of $9.03 billion was recorded in 2020.
Sales grew by 221% for electronic goods, by 285% for toys and by 218% for sports equipment compared to the average day in October, according to the company’s data.
In total, 48% of Black Friday online sales were carried out using smartphones. Moreover, applications providing for a deferral of payments were used 78% more frequently than a week earlier, Adobe said.
At the same time, despite record sales, more clear signs of budget-conscious consumer behavior have been observed, Vivek Pandya, lead analyst at Adobe Digital Insights, said in a statement.
On Black Friday, which follows Thanksgiving, US retailers hold big sales, offering great discounts to customers. Analysts expect an even a bigger increase in sales on Cyber Monday, November 28. According to Adobe forecasts, the volume of online sales might reach $11.2 billion, up 5.1% year-on-year.
More than 60% of Americans feel that the situation of the economy hindered their holiday shopping, despite record internet spending since Thanksgiving. Consumer concerns about the economy remain at the forefront. Along with this, a lot of consumers choose to pay with Buy Now, Pay Later options, which experienced an increase in popularity of over 80% in the week beginning November 19.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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