Shoppers spent $7.4 billion online on Black Friday, according to “data from Adobe Analytics, which tracks transactions at 80 of the top 100 U.S. retailers,” as explained by Reuters. This is the second-largest online sales day ever, with the first one being last year’s Cyber Monday where consumers spent $7.9 billion. The average spending on online purchases of shoppers last Friday was $5.3 million per minute.
The biggest beneficiaries of the shopping holiday were e-commerce giants who scored a 46% boost in sales this season. Smaller retailers, on the other hand, had an 18% increase. The National Retail Federation anticipates sales to hit up to $730.7 billion in the last two months of the year. The average expectation of consumers is to spend $1,047.83, “including purchases made earlier, for an increase of 4 percent,” said Fox Business.
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Consumers spent $4.2 billion online on Thanksgiving Day. This is the first time that Thanksgiving shopping exceeded $4 billion. According to CNBC, “some of the most popular purchased items include Disney’s “Frozen 2” toys, video games such as FIFA 20 and Madden 20, and electronics such as Apple Airpods and Samsung TVs.”
According to Taylor Schreiner, principal analyst and head of Adobe Digital Insights, “with Christmas now rapidly approaching, consumers increasingly jumped on their phones rather than standing in line.”