A report from Adobe Analytics shows that despite the global economic slowdown , online sales on Black Friday were up 2.3% year-over-year. Shoppers spent a reported $9.12 billion online, taking advantage of deep discounts on everything from smartphones to toys, which led sales.
Adobe Analytics measures e-commerce by analyzing website transactions and has access to data on 85% of online purchases from the top 100 retailers in the country.
More online shopping
Traditionally, consumers are expected to flock to stores to shop, creating long lines to enter stores. However, this year it was online shopping that broke records on the coveted Black Friday. Mobile purchases accounted for 48% of all digital sales.
The top purchases were electronics with a 221% increase compared to an average day in October, while those for items to adapt a normal home to smart increased by 271%, audio and sound equipment by 230%. Likewise, toy sales grew by 285% and sales of exercise machines or items grew by 218%.
Sales were expected to increase by only 1%. However, the record number of purchases leads Axios to define this Black Friday as an "unprecedented sale".
Consumers dip into their savings
High inflation had stores in suspense about how sales would be this year. According to reported Associated Press due to the increase in "the prices of gasoline, food, rent and essential items, consumers were looking for deals and discounts this Black Friday (...) AND they turned to their savings and credit cards to spend in the midst of inflation".
Last year the trend was different, consumers were concerned about supply chain issues and the timely arrival of products due to the covid-19 pandemic, which led to an earlier than expected peak in purchases.