Black Friday Spending Approaches $11 Billion Fueled by eCommerce

Black Friday shoppers spent a record $10.8 billion this year, primarily via online purchases.

A report Monday (Dec. 2) from NPR — citing data from Adobe Analytics — notes that this figure is 10% higher than last year’s total, and double the amount of spending from 2017. Between 10 a.m. and 2 p.m. Friday, online shoppers spent $11.3 million per minute, Adobe said.

“Crossing the $10 billion mark is a big eCommerce milestone for Black Friday, for a day that in the past was more anchored towards in-store shopping,” said Vivek Pandya, a lead analyst with Adobe Digital Insights.

Pandya added that the rise of digital shopping tools such as AI-powered chatbots, mobile wallets and buy now pay later (BNPL) options is driving “tailwinds that can prop up online growth for Black Friday moving forward.”

New research by PYMNTS Intelligence also shows online channels overshadowing others, with just 28% of Black Friday shoppers doing their buying entirely in store, meaning 72% of consumers made at least some eCommerce purchases.

“That means 72% of shoppers made at least some purchases online. In-store Black Friday shopping, while still significant, primarily supplements online efforts,” that report said. “Although 56% of consumers still visit physical stores, that figure represents a slight decline from 57% last year and a greater overall decline from 62% in 2022.”

The report also cited data from Salesforce showing that 69% of Black Friday purchases came from mobile devices, up 1% from last year’s figures.

Data released over the weekend from Mastercard SpendingPulse showed a 14.6% increase in online sales this year, compared to just 0.7% for in-store spending.

“Over the last several years, Black Friday has become more than just one day, but instead a window of time for shoppers to find value,” the payments company said in a news release. “While consumers were enticed by early deals in the days leading up to the Thanksgiving holiday, Black Friday continued to reign as one of the biggest days of the season.”

Meanwhile, stores were emptier this year, the NPR report added, with data from Sensormatic Solutions, which tracks retail store foot traffic, showing that in-store traffic was down 8.2% versus last year.

Consumers seemed more ready to patronize stores offering steeper discounts, with those that reduced prices by at least 40% seeing more traffic, the report said. For example, Forever 21 had lines at its stores as it offered 50% to 70% discounts, while rival H&M triggered less excitement with its 30% deal.

The post Black Friday Spending Approaches $11 Billion Fueled by eCommerce appeared first on PYMNTS.com.