U.S. shoppers spent $8.6 billion online by early evening on Black Friday, according to Adobe Analytics, marking a 9.4% jump from last year.
Online Sales Hit $8.6 Billion As Shoppers Shift To Digital Deals
Adobe's insights arm, which tracks more than 1 trillion visits to retail sites, expects final Black Friday online sales to reach between $11.7 billion and $11.9 billion, setting a new record for the holiday, reported Reuters.
The strong digital performance comes despite a quieter start in brick-and-mortar stores, where bargain hunters were more cautious amid persistent inflation, policy uncertainty, and a cooling labor market.
See Also: Global Shoppers Drive $36 Billion Thanksgiving Sales, Setting Up High-Stakes Black Friday
Weekend Spending Expected To Climb As Discounts Hold
Adobe projects shoppers will spend $5.5 billion on Saturday, up 3.8% year over year, and $5.9 billion on Sunday, a 5.4% increase.
Strong promotions across categories — including electronics, apparel, and home goods — are expected to keep momentum high.
Cyber Monday remains on track to be the largest online shopping day of the year, with consumers forecast to spend $14.2 billion, a 6.3% rise from 2024.
Holiday Season Spending Tops $99 Billion Ahead Of December Rush
From Nov. 1 to Nov. 27, U.S. consumers spent $99.6 billion online, up 6.8% from the same period last year.
Mobile shopping continued to expand, reaching $52.2 billion, an increase of 6.4% YoY, while Buy Now, Pay Later usage jumped 10.3% to $7.4 billion.
Energy Costs Drive Producer Prices Higher
Earlier this month, it was reported that producer inflation turned positive in September as energy costs surged, while retail data showed U.S. consumers pulling back on spending, reinforcing expectations of a Fed rate cut next month.
The Producer Price Index rose 0.3% from August, driven largely by an 11.8% jump in gasoline prices, though core PPI increased only 0.1%.
Retail sales were weaker than forecast, rising just 0.2%, with the key retail control group slipping 0.1% for its first decline since April.
Despite pockets of strength in categories like miscellaneous retailers and gas stations, consumer spending overall showed signs of cooling, even as annual retail sales held at a moderate 4.3% pace.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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