A record $9.12 billion was spent online for Black Friday, Nov. 25, up 2.3% from Black Friday in 2021.
Electronics were the major driver of the increase in sales, with online sales up 221% over an average day in October 2022, according to data provided Saturday by Adobe Analytics
ADBE,
which tracks sales on retailers’ websites. Smart-home items were up 271% and audio equipment 230%. Toys remained a strong category, with sales rising 285%, while sales of exercise equipment rose 218%.
As online spending picked up, consumers who have been dealing with inflation through much of 2022 are embracing flexible ways to make payments. Buy-now-pay-later, or BNPL, revenue was up a significant 81% in the week of Nov. 19–Nov. 25 as compared with the week prior. Mobile shopping continues to gain in popularity, with Black Friday notching a new record for that channel: 48% of online sales came via smartphones, up from 44% from last year.
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On Black Friday, hot sellers included toys and games such as “Fortnite,” Roblox
RBLX,
Bluey, Funko Pop, and Disney’s
DIS,
“Encanto.” Gaming remained a popular category, as shoppers snatched up Xbox Series X and PlayStation 5 devices, along with games including “FIFA 23,” “NBA 2k23,” and “Pokémon Scarlet & Violet.” Other top sellers included drones, the MacBook from Apple
AAPL,
and Dyson products.
“As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year,” said Vivek Pandya, lead analyst at Adobe Digital Insights. “Shoppers are embracing the buy-now-pay-later payment method more this year to be able to buy desired gifts for family and friends.”
See also: What Black Friday and Cyber Monday sales tell you about retail stocks, recession and the economy
Coming Up: Weekend, Cyber Monday
E-commerce activity is expected to remain strong this weekend, with shoppers expected to spend over $9 billion online ($4.52 billion on Saturday, $4.99 billion on Sunday). Adobe expects Cyber Monday to be the season’s and year’s biggest online-shopping day again, driving $11.2 billion in spending and growing 5.1% from the same day last year.
Saturday was Small Business Saturday, when consumers are urged to shop with local, independent retailers. Adobe Analytics data show that smaller retailers with annual revenues in the $10 million–to–$50 million range have struggled in an uncertain economic environment, with online sales growing three times less than those of retailers with over $1 billion in annual revenue.
Forecast for Cyber Week
Adobe expects Cyber Week (the period from Thanksgiving Day through Cyber Monday) to generate $34.8 billion in online spending, up 2.8% from a year earlier, representing a 16.3% share of the full November-December holiday season.
