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HomeBusinessRecord Online Spending Soars to $10.8 Billion on Black Friday: What to...

Record Online Spending Soars to $10.8 Billion on Black Friday: What to Expect on Cyber Monday

 

Shoppers spent a record $10.8 billion online on Black Friday. Up next? Cyber Monday


Many Black Friday shoppers opted for the convenience of online shopping over long store lines, using their smartphones.

 

They made a historic mark in online spending, hitting $10.8 billion, which is over a 10% rise from the previous year, according to Adobe Analytics.

“Reaching over $10 billion is a significant milestone for Black Friday e-commerce, typically associated with in-store shopping,” stated Vivek Pandya, lead analyst at Adobe Digital Insights. “With consumers increasingly comfortable with mobile shopping and chatbots, we expect ongoing growth for online sales on Black Friday in the future.”

More than half of online shoppers (55%) used their mobile devices on Black Friday, leading to $5.9 billion in mobile sales, a 12.1% increase from last year, according to Adobe Analytics. Other sales occurred on desktops and various devices.

 

Online shoppers reportedly spent $11.3 million every minute between 10 a.m. and 2 p.m., as tracked by sales monitoring firms.

Supporting this online shopping trend, early reports indicated a 3.2% decline in in-store traffic across the nation on Black Friday, as per RetailNext.

 

Popular online purchases included makeup and skin care products, hair care items, Bluetooth speakers and headphones, smart watches, jewelry, discounted clothing, fragrances, bedding, televisions, gift cards, and espresso machines, according to Adobe Analytics.

Let’s take a look at Adobe Analytics’ predictions for sales this weekend and Cyber Monday.

 

Thanksgiving weekend holiday shopping forecast

Now that Black Friday has concluded, Adobe Analytics anticipates that shopping will continue throughout the Thanksgiving weekend.

 

Consumers are projected to spend $5.2 billion on Saturday, Nov. 30, and $5.6 billion on Sunday, Dec. 1, based on Adobe Analytics’ estimates.

Many shoppers are taking advantage of the buy now, pay later (BNPL) options, with BNPL sales reaching $686.3 million in online purchases, according to Adobe. This weekend, total online BNPL spending is expected to reach $864.1 million.

This weekend, shoppers can expect the following discounts as Cyber Monday approaches, according to Adobe Analytics:

  • Electronics: 26% off.
  • Toys: 25% off.
  • Computers: 23% off.
  • Apparel: 22% off.
  • Televisions: 21% off.
  • Appliances: 18% off.

 

According to Adobe Analytics, here are some of the items expected to be best sellers this weekend:

  • Perfume and fragrances
  • Hair care products
  • LEGO sets
  • Harry Potter toys and figurines
  • Miles Morales (Spiderman) toys and figurines
  • Dolls
  • Bluetooth speakers
  • Bluetooth headphones
  • Televisions
  • Fitness trackers
  • Electric scooters and bikes
  • Discounted clothing
  • Video game consoles
  • Bedding and linens
  • Gift cards

Cyber Week and Cyber Monday

In the span of Cyber Week, which includes Thanksgiving, Black Friday, and Cyber Monday, shoppers are expected to spend around $40.6 billion online, reflecting a 7% increase compared to the previous year, as reported by Adobe Analytics.

Cyber Monday is poised to retain its title as the biggest online shopping day of the year, with an anticipated $13.2 billion in sales, marking a 6.1% increase from last year, according to Adobe’s predictions.

 

If you’re eager to make purchases this weekend, Adobe Analytics advises holding off until Cyber Monday for significant savings. Consumers can expect over 20% off clothing and 30% off electronics on that day.