Record Online Spending on Black Friday Highlights Consumer Trends

American shoppers set a new online spending record on Black Friday with $11.8 billion, according to Adobe Analytics. Despite higher prices reducing the number of purchases, consumer spending still rose overall. Shoppers are expected to continue this upward trend on Cyber Monday, forecasted to reach $14.2 billion.

American shoppers smashed online spending records this Black Friday, shelling out $11.8 billion, a 9.1% increase from the previous year, as per final figures from Adobe Analytics. The analytics firm, monitoring over a trillion U.S. retail site visits, also forecasts a strong continuation with spending expected to reach $5.5 billion on Saturday and $5.9 billion on Sunday, marking increases of 3.8% and 5.4% respectively.

Meanwhile, software firm Salesforce reported that U.S. consumers devoted $18 billion to Black Friday shopping, marking a 3% rise from last year, with luxury apparel and accessories among the top-selling categories. Although spending was higher, Salesforce noted price spikes dampened online demand, as consumers purchased fewer items than in the previous year. In physical locations, the anticipated post-Thanksgiving rush was muted, with shoppers expressing concerns about overspending amid ongoing inflation, trade policy-driven uncertainty, and a weak labor market.

However, Cyber Monday is projected to eclipse prior records, as Adobe anticipates it will once again be the season's largest online shopping day, driving $14.2 billion in digital sales, up 6.3% over last year.

(With inputs from agencies.)