According to data provided by Adobe Analytics, consumers broke a record by spending a record-breaking $9.12 billion online on Black Friday despite rising prices.
The enormous spending led to an increase of 2.3 percent overall, most notably in the area of electronics.
According to a report by The Hill, “items such as audio equipment, toys, and workout equipment also sold well,” with sales of each increasing by more than 200 percent compared to a typical day during the previous month.
Adobe observed that consumers are turning to more flexible ways to make payments in response to high inflation and rising prices. The article went on to say that “the number of transactions placed using the buy-now, pay-later payment option climbed by 78 percent this week compared to previous week, and income generated from those orders rose 81 percent over the same time period.” According to Adobe, the percentage of online purchases coming from smartphones reached an all-time high in 2015, reaching 48 percent. This marked a record high for the percentage of transactions that were done on mobile phones.
Adobe’s spokesman told The Hill that there are several indications that consumers are being more frugal than is typical when it comes to their shopping habits.
“As Black Friday achieved record spending online, we’re also seeing more obvious signals of a budget-conscious customer this year,” said Adobe digital insights lead analyst Vivek Pandya. “This year we’re seeing more visible signs of a budget-conscious consumer.” This year, more consumers are turning to the Buy Now Pay Later payment method so that they can purchase the items that they want to give to their loved ones and friends.
This year’s most popular purchases included the PlayStation 5, drones, and MacBooks produced by Apple.
Adobe anticipates that there will be a continued high level of e-commerce activity over the whole weekend, with customers expected to spend approximately $4.5 billion on Saturday and $5 billion on Sunday. According to the survey, “Cyber Monday” is projected to be the greatest day for online shopping this holiday season as well as this year, resulting in sales of more than $11 billion.