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Black Friday Spending Amounted To A Record $9.8bn Online Sales
Black Friday Spending amounted to $9.8 billion in online sales in the United States. The report came from Adobe Analytics, which said that the spending increased by 7.5% compared to last year. The high expenditure from consumers indicates that they are looking to take advantage of big-deal days. It also seems that it is easier for consumers to compare discounts online.
E-commerce spending on Black Friday increased 7.5% from last year. This shows that consumers are conscious of rising prices. Hence, they want to spend on days that offer the best deals and are continuously hunting for such big deals online.
Vivek Pandya, a lead analyst at Adobe Digital Insights, stated ?
?We?ve seen a very strategic consumer emerge over the past year where they?re really trying to take advantage of these marquee days, so that they can maximize on discounts.? (source)
The spike in spending also reflects that consumers are willing to spend more this year. In 2022, the spending was not high since food and gas prices were high.
Pandya also stated that impulse purchases also played a big role in the high spending on Black Friday. This is because almost $5.3 billion in eCommerce sales were done through mobile shopping.
The survey also added ?
?$79 million of the sales came from consumers who opted for the ?Buy Now, Pay Later? flexible payment method to stretch their wallets, up 47% from last year.? (source)
This shows that shoppers are sensitive to high prices. Hence, they have managed their tighter budgets due to high inflation and high rates of interest last year.
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