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Black Friday online sales break record with $9.12 billion despite inflation 

November 28, 2022 5:41am

Updated: November 28, 2022 5:41am

American shoppers spent a record $9.12 billion in online sales on Black Friday, breaking last year’s record despite concerns about inflations, according to Adobe Analytics. 

Initially, Adobe Analytics had forecasted Black Friday online sales to increase by 1%, however, online spending increased 2.3% on Friday as consumers sought out discounted items. 

The most popular category of items bought last week was electronics, which surged 221% compared to a regular online sales day in October. Some of the most popular items included gaming consoles, Dyson products, Apple computers, and drones. 

Other big sales contributors included toys, which increased by 285%, and exercise equipment, which rose by 218%. 

The record of online sales this year is a 2.3% increase from those of last year, which broke the high sales mark of $9.03 in 2020. 

Adobe Analytics measures e-commerce transactions by tracking sales on several retailers’ websites in the United States, including 85% of the top 100 retailers in the nation. 

The company also found that most Americans turned to their smartphones to do their holiday shopping instead of heading to the stores, with 48% of Black Friday sales being conducted on mobile phones. Last year 44% of shopping was done on smartphones. 

Many consumers also took advantage of flexible payment plans during Black Friday. Buy Now Pay Later payments increased by 78% compared to the previous week, according to CNBC. 

“As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year,” said Vivek Pandya, lead analyst for Adobe Digital Insights, in a statement. “Shoppers are embracing the Buy Now Pay Later payment method more this year to be able to buy desired gifts for family and friends.” 

Next week is expected to also drive up e-commerce activity, according to Adobe. Experts expect Cyber Monday to follow in Black Friday’s footsteps and drive up online shopping, bringing in around $11.2 billion in spending.