In brief
Black Friday 2023 saw U.S. online consumers spend a staggering $11.8 billion, marking a 9.1% increase from last year. While e-commerce platforms like Shopify and Salesforce reported record sales, traditional in-store shopping experienced a decline as consumers adapt to more flexible shopping practices. Analysts predict spending will remain strong throughout the holiday season amid careful budgeting due to rising prices and economic concerns.
NEW YORK — Despite ongoing economic uncertainty, Black Friday 2023 broke online spending records as shoppers flocked to their screens instead of stores. U.S. online sales reached $11.8 billion, up 9.1% from last year, according to Adobe Analytics. The shopping rush was particularly intense between 10 a.m. and 2 p.m. local time, where online shopping carts were filled with $12.5 million every minute.As e-commerce takes precedence, both Salesforce and Shopify reported that online retail sales soared, with Shopify's merchants making $6.2 billion globally on the same day. Categories like electronics, video games, and home appliances drove the demand, further fueled by targeted AI-driven ads.While brick-and-mortar stores saw a 3.6% decrease in traffic, it’s clear that shoppers are changing their shopping habits, browsing online deals rather than rushing into stores. Many are spacing out purchases over an extended timeframe.RetailNext's Joe Shasteen explained, “Shoppers are more cautious and mission-focused” when they do decide to visit stores. Despite challenges such as higher prices due to tariffs and job market anxieties, experts anticipate that consumers will spend significantly during the holiday season, potentially exceeding $1 trillion overall for November and December. With confidence in online shopping on the rise and the convenience of 'buy now, pay later' plans, more shoppers are adjusting their spending strategies to cope with economic pressures.
