Online Shopping Wins Black Friday

Online Shopping Wins Black Friday

by Market Crumbs

Image via Dylan Gillis on Unsplash

It’s not surprising that online shopping stole the spotlight on Black Friday as Covid-19 continues to limit the amount of time people want to spend in public.

Online spending on Black Friday jumped by 21.6% to a record $9 billion, according to data from Adobe Analytics, which analyzed transactions from 80 of the top 100 U.S. online retailers. The total makes this year’s Black Friday the second-largest single day for online shopping in U.S. history behind last year’s Cyber Monday, when shoppers spent $9.4 billion.

The total breaks down to $6.3 million spent per minute online, according to Adobe. Consumers increasingly shopped from the palm of their hands as spending from smartphones jumped by more than 25% to $3.6 billion, accounting for 40% of the day’s total online spending.

“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,” Adobe Digital Insights director Taylor Schreiner said.

Online spending on Thanksgiving also hit a record this year as consumers spent $5.1 billion, according to Adobe. Despite jumping more than 21% compared to last Thanksgiving, the total fell shy of Adobe’s estimate of $6 billion.

“While yesterday was a record-breaking Thanksgiving Day with over $5 billion spent online, it didn’t come with the kind of aggressive growth rate we’ve seen with the start of the pandemic,” Schreiner said. “Heavy discounts and aggressive promotions starting in early November succeeded at getting consumers to open their wallets earlier.”

As for today’s Cyber Monday, Adobe expects it to break last year’s record with sales totaling between $10.8 billion and $12.7 billion, which would be an increase of 15% to 35% from last year.

With Americans largely at home shopping online, foot traffic at stores fell by more than 52% compared to last year’s Black Friday, according to Sensormatic Solutions. Traffic on Thanksgiving fell by 94.9% as retailers such as Walmart and Target closed their stores this year.

“We knew Black Friday [traffic] was going to be down, we just didn’t know how much it was going to be down,” Sensormatic Solutions senior director of global retail consulting Brian Field said. “Black Friday this year, from a traffic impact perspective, looked a lot like a typical Saturday after a Black Friday.”

With Covid-19 giving e-commerce a boost, it will be interesting to see if the days of people trampling over each other to get into stores on Thanksgiving and Black Friday will ever make a comeback.

*********

(TLB) published this article from Market Crumbs with our appreciation for this financial perspective. 

Read more from Market Crumbs

Header featured image credit/EC Council

Related from The Liberty Beacon:

Is There a Future for the Global Financial System Beyond Coronavirus?

The Gates Foundation and the War on Cash, Sold as ‘Financial Inclusion’

CDC & WHO Corrupt Financial Entanglements With Vaccine Industry

••••

••••

Stay tuned to …

••••

The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)

••••

Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.

••••

Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

••••

Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.


*