Black Friday 2023: Record Online Spending as Shoppers Seek Discounts
As the holiday shopping season kicks off, Black Friday continues to capture the attention of millions of shoppers across the United States. With a blend of in-store experiences and online bargains, this year’s shopping extravaganza saw record spending as consumers sought savings amidst rising costs.
Significant Online Sales Growth
On Black Friday, US shoppers spent approximately US$10.8 billion (S$14.4 billion) online, marking a 10.2% increase compared to the previous year, according to Adobe Analytics. This reflects a growing trend towards e-commerce, with shoppers using various devices to hunt for deals.
- Top-selling online categories included makeup, skincare products, and electronics.
- Jewellery sales surged by 561%, while appliance sales jumped by 476% compared to average daily sales in October.
In-Store Dynamics
While online sales soared, brick-and-mortar retailers like Walmart and Macy’s also experienced bustling crowds. Shoppers lined up early to snag coveted discounts.
- Walmart drew customers with deals on popular items like electronics and clothing.
- Macy’s offered steep discounts on home goods, with some items marked down by up to 50%.
The Changing Face of Black Friday
Unlike years past, this year featured only 26 shopping days between Thanksgiving and Christmas, which has put pressure on retailers to attract customers swiftly. Many shoppers echoed sentiments of tighter budgets and prioritising great bargains over impulse buys.
Marshal Cohen, a chief retail adviser, noted, “With fewer days to shop, consumers are more likely to make spontaneous purchases, contributing to retail growth during the holiday season.”
The Outlook Ahead
As Black Friday retrospectively shines a light on consumer behaviour, retailers may need to adapt quickly to meet shoppers’ demands and navigate through the challenging economic landscape. With shoppers more scrutinising on what they spend, the competitive environment promises to be fierce.