New record: Black Friday online sales up 2.3% compared to last year

Shoppers spent $9.12 billion online despite the global economic slowdown, according to a report from Adobe Analytics.

A report from Adobe Analytics shows that even despite the global economic slowdown, online sales on Black Friday were up 2.3% from last year. Shoppers spent a reported $9.12 billion online, taking advantage of discounts on everything from smartphones to toys, which were the top selling items.

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 on Black Friday, creating long lines to enter stores. However, this year, it was online shopping that broke records. Mobile purchases accounted for 48% of all digital sales.

The top purchases were electronics, which saw a 221% increase compared to an average day in October. Smart home item sales increased by 271%, and audio and sound equipment increased by 230%. Likewise, toy sales went up 285%, and sales of exercise items and machines increased 218%.

Sales were projected to increase by only 1%. However, the record number of purchases leads Axios to define this Black Friday as "unprecedented."

Consumers dip into their savings

High inflation had stores concerned about a potential drop in sales this year. According to an Associated Press report: "Due to elevated prices for food, rent, gasoline and other essentials, many people were being more selective ... Some were dipping more into savings, turning to 'buy now, pay later' services that allow payment in installments, or running up their credit cards."

This trend is a reversal from last year, when consumers were concerned about supply chain issues due to the COVID-19 pandemic, resulting in total purchases falling short of expectations.