“Black Friday Online Sales Hit Record $9.8 Billion in the US, Electronics Drive Surge”

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Black Friday online sales in the US reach a new pinnacle at $9.8 billion, driven by a surge in demand for electronics, signaling a positive shift for retailers amid subdued holiday sales forecasts. However, concerns linger over slower growth rates compared to pre-pandemic levels.

Black Friday Online Sales Surge to Record $9.8 Billion in the US, Electronics Drive Demand
Black Friday Online Sales Surge to Record $9.8 Billion in the US, Electronics Drive Demand

Black Friday online shopping in the United States witnessed a historic surge, hitting a record $9.8 billion in sales, signaling a promising turn for retailers amid concerns over sluggish holiday season forecasts, reports Adobe Analytics.

The robust online spending spree on Black Friday showcased a remarkable 7.5% increase compared to the previous year, largely propelled by surging demand for electronics, smartwatches, TVs, and audio equipment. Notably, consumers expanded their budgets by embracing buy-now, pay-later options, registering a substantial 72% surge from the week preceding Thanksgiving.

This surge marks a stark rebound from the challenges faced during the prior holiday season, where high inflation weighed on consumers’ purchasing power, prompting retailers to heavily discount to alleviate bloated inventories. This year, the holiday shopping trends serve as a barometer for gauging US consumer resilience amid diminishing pandemic-era savings and persistently high interest rates, reaching levels not seen in over 20 years.

A separate gauge by Salesforce Inc. reported a 9% year-on-year growth in US online sales, attributed to robust demand in footwear, sporting goods, health, and beauty products. Notably, clothing, home goods, and beauty items showcased substantial discounts.

The online sales trend leading up to Cyber Monday on November 27 provides an early indicator of holiday-season performance for companies, particularly as they anticipate slower brick-and-mortar data. However, initial forecasts for November and December signal subdued sales growth.

Salesforce predicted a mere 1% growth in online sales during this period compared to 2022, marking the slowest pace in at least five years. Adobe Analytics expects a 4.8% revenue increase, significantly below the pre-pandemic average annual growth rate of 13%. Discrepancies in their data analysis methodologies account for the variance in these predictions.

Meanwhile, global Black Friday sales on Canada-based e-commerce platform Shopify Inc. surged by 22%, spearheaded by heightened demand in clothing, personal care, and jewelry categories.

Sources By Agencies

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