Additional Coverage:
- Black Friday sales pulled off a surprise most Americans didn’t see coming in a shaky economy (marketrealist.com)
Black Friday Blowout: Consumers Defy Economic Headwinds with Record Spending Spree
Despite lingering concerns about economic uncertainty and persistent inflation, American consumers unleashed their spending power this Black Friday, shattering previous sales records and injecting a surprising boost into the retail sector. The online shopping frenzy alone saw Americans collectively spend a staggering $11.8 billion, marking a robust 9.1% increase from last year, according to e-commerce tracking firm Adobe Analytics.
The shopping spree wasn’t limited to a single day. Thanksgiving Day also witnessed record-breaking online sales, with consumers spending $6.4 billion – a 5.3% jump from the previous year. The busiest hours for online purchases on both days were between 10 a.m. and 2 p.m. local time, with sales peaking at an astonishing $12.5 million per minute on Black Friday.
Popular categories driving these impressive figures included video game consoles, electronics, and clothing. Adobe specifically highlighted items like Labubu Dolls and LEGO sets among the top-selling toys. The firm also noted the significant influence of artificial intelligence-powered services and social media advertising in shaping consumer purchasing decisions.
Other industry trackers echoed these strong results. Salesforce, which monitors digital spending across a broad spectrum of retailers, including grocers, reported $18 billion in U.S. sales and a remarkable $79 billion globally.
E-commerce giant Shopify also announced a global sales record of $6.2 billion for its merchants, with sales peaking at $5.1 million per minute. Cosmetics and clothing were key categories for Shopify’s merchants.
This unexpected surge in consumer spending has been met with optimism from the White House, which has consistently downplayed concerns that its trade policies and rising costs are hindering economic growth. Kevin Hassett, Director of the White House National Economic Council, pointed to the roughly 10% rise in online sales and approximately 4% increase in in-store sales as a clear indicator of the nation’s economic resilience. In an interview on “Face the Nation,” Hassett stated, “I think the folks who were saying, ‘Wow, maybe people are going to be anxious about going back and getting presents for the kids’ and so on, they have been disproven this weekend.”