Black Friday hits record $9B in US consumer spending

Maria Bartiromo’s Wall Street – Friday, November 27

On today’s episode of ‘Maria Bartiromo’s Wall Street’, Dagen McDowell tracks the impact of holiday shopping; plus, Maria’s interview with Ledbury CEO Paul Trible on the changing retail landscape and Home Depot CEO Robert Nardelli on the 2021 economy.

Black Friday shoppers in the U.S. spent a record $9 billion this year, despite concerns of surging COVID-19 cases across the U.S., according to data from Adobe Analytics.

Continue Reading Below

That figure represents a nearly 22% year-over-year increase in consumer spending; Black Friday shoppers spent $7.4 billion in 2019, Adobe Analytics found.

“We are seeing strong growth as consumers continue to move shopping from offline to online this year,"  Adobe Digital Insights Director Taylor Schreiner said in a written statement. "New consoles, phones, smart devices and TVs that are traditional Black Friday purchases are sharing online shopping cart space this year with unorthodox Black Friday purchases such as groceries, clothes and alcohol, that would previously have been purchased in-store.”

Woman using smartphone and credit card (iStock)

Smaller retailers saw a 545% surge in sales on Black Friday compared to an average day last month and ahead of Small Business Saturday – a day dedicated to supporting small businesses after Black Friday.

ONLINE HOLIDAY SHOPPING SALES EXPECTED TO 'SHATTER' RECORDS, ADOBE ANALYSIS PREDICTS

More than 40% of shoppers "plan to support small and local retailers" on Saturday, and 38% "say they will make a deliberate effort to shop at smaller retailers throughout the holiday season," according to Adobe.

Consumers spent $6.3 million per minute shopping on Black Friday, and the average shopper spent about $27.50. Smartphone purchases cost consumers $3.6 billion, representing a 25.3% year-over-year increase and 40% of total online spending on Friday.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Unsurprisingly, in-store pickup and curbside pickup increased more than 50% as COVID-19 kept people from shopping fully in-person.

Adobe expects shoppers to spend between $10.8 billion to $12.7 billion on Cyber Monday, representing a 15% to 35% increase in spending since last year, breaking another record. Additionally, shoppers spent $5.1 billion on Thanksgiving, representing a 22% increase over Thanksgiving in 2019.

Adobe Analytics analyzes data from 1 trillion visits to U.S. retail sites, 100 million SKUs and 80 of the 100 largest U.S. retailers.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article