Adobe reports Black Friday sales rise 7.5% – Talk Business & Politics

0 27


Aggressive retail promotions helped push total online spending on Black Friday to $9.8 billion, or up 7.5% from the same period in 2022, according to Adobe Analytics.

Sales begin more than two weeks before Black Friday as retailers look to entice shoppers with promotional prices in an effort to drive in-store traffic and online purchases.

While consumer traffic was heavier than expected, according to Pleasure.ie, most shoppers took advantage of online deals before re-opening on Black Friday, and that continued through the weekend into Cyber ​​Monday (November 27).

Adobe expects $12 to $12.4 billion in Cyber ​​Monday spending. For Cyber ​​Week — the five days between Thanksgiving and Cyber ​​Monday — online spending is expected to total $37.2 billion, up 5.4% from last year.

MasterCard SpendingPulse reports that Black Friday sales rose 2.5% year-over-year, not adjusted for inflation. MasterCard SpendingPulse data does not include automotive sales. Mastercard also said on Friday that e-commerce sales were up 8.5% year-over-year, while in-store sales were up 1.1%.

“Retailers are seeing customers become more choosy and discerning,” TD Cowen analysts led by Oliver Chen said in an emailed note about Black Friday.

But despite record online spending, TD Cowen lowered its guidance for the holiday season from 4% to 5% to 2% to 3%. The National Retail Federation estimates that holiday sales will be between 3% and 4% annually.

Adobe Analytics also found that consumers using smartphones accounted for $5.3 billion of all online sales on Black Friday, up 10.4% year over year. Consumers using smartphones also account for 54% of online sales.

Mobile phone business is converging online and in-store, said Rob Graff, retail manager at Salesforce. According to Graff, it’s too late to get to the store at 5 a.m. to take advantage of door-to-door sales. Retailers are trying to mimic that urgency online by creating door-breakers for e-commerce and additional perks for loyalty members to shop early, he said.

According to MasterCard, shoppers seem to be shopping fast, with many starting well before Black Friday and then closing to sleep in, watch football, shop online and then close to shop at malls and stores on Black Friday.

“Consumers are well-traveled and taking advantage of holiday promotions during the holiday season,” said Steve Sadov, senior advisor at MasterCard and former CEO and chairman of Saks Incorporated. They’re shopping smarter, as far as checking websites.”



Source link

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More