According to figures, American consumers spent $8.6 billion online early in the evening on Black Friday Adobe Analyticswhich represents a jump of 9.4% compared to last year.
Online sales reach $8.6 billion as shoppers switch to digital deals
Adobe’s insights division, which tracks more than 1 trillion visits to retail sites, expects final online sales on Black Friday to be between $11.7 billion and $11.9 billion, setting a new record for the holiday, Reuters reported.
The strong digital performance comes despite a quieter start in physical stores, where bargain hunters have been more cautious amid persistent inflation, policy uncertainty and a cooling labor market.
See also: Global shoppers generate $36 billion in Thanksgiving sales by setting up high-stakes Black Friday
Weekend spending is expected to increase as discounts continue
Adobe expects shoppers to spend $5.5 billion on Saturday, up 3.8% year over year, and $5.9 billion on Sunday, up 5.4%.
Strong promotions across categories – including electronics, apparel and homewares – are expected to keep the momentum high.
Cyber Monday remains on track to become the biggest online shopping day of the year, with consumers expected to spend $14.2 billion, up 6.3% from 2024.
Holiday spending tops $99 billion before the December rush
From November 1 to 27, US consumers spent $99.6 billion online, up 6.8% from the same period last year.
Mobile shopping continued to grow, reaching $52.2 billion, up 6.4% year-over-year, while Buy Now, Pay Later usage rose 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 rose, while retail data showed US consumers pulling back on spending, reinforcing expectations of a Fed rate cut next month.
The producer price index rose 0.3% from August, largely due to an 11.8% increase in gasoline prices, although core PPI rose only 0.1%.
Retail sales were weaker than expected, rising just 0.2%, with the key retail control group falling 0.1% for the first decline since April.
Despite strengths in categories such as miscellaneous retailers and gas stations, consumer spending overall showed signs of cooling, even as annual retail sales remained at a moderate pace of 4.3%.
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Disclaimer: This content was produced in part with the help of Benzinga Neuro and was reviewed and published by Benzinga’s editorial staff.
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