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US Black Friday spending climbed 3.4% from last year, fueled by a remarkable 14.6% increase in online sales, according to Mastercard SpendingPulse. Shoppers flocked both online and in stores, kickstarting a promising holiday retail season.
Black Friday Sales Surge in the United States
Preliminary figures from payments processor Mastercard show that shopping on the day following U.S. Thanksgiving resulted in a 3.4% year-over-year increase in total Black Friday retail sales in the United States, Reuters reports.
According to Mastercard SpendingPulse, a metric that measures U.S. retail sales across the Mastercard payments network combined with estimates for cash and check payments, online Black Friday sales in the United States increased by 14.6% year-over-year as shoppers sought out bargains online, while in-store sales declined by 0.7%.
With Black Friday marking the beginning of the holiday shopping season, companies are in a cutthroat race to attract bargain-hunting customers.
Corey Coscioni, a 58-year-old shopper from the Chicago area, spent Friday perusing many internet retailers in search of "gifts for everyone: my wife, my daughter, and myself." The likes of Bloomingdale's, Macy's, and Anthropologie were among his destinations. "While we’re waiting in line, I’ll be shopping."
Holiday Spending Predictions and Retail Challenges
Previous predictions from Mastercard SpendingPulse indicated that holiday spending, as a whole, from November 1–December 24, would be 3.2% higher than the previous year. Not adjusted for inflation, SpendingPulse does not include sales of automobiles.
"Black Friday was a good indicator of how the holiday season is positively shaping up," said Michelle Meyer, chief economist of Mastercard Economics Institute.
The shortened season, with only 26 days between Thanksgiving and Christmas, might lead to reduced sales at department store chains like Macy's and Kohl's, as well as big-box retailer Target.
According to analytics firm Facteus, which tracks consumer spending trends by analyzing credit and debit card swipes, Best Buy and Target had essentially flat year-over-year sales on Friday.
E-Commerce Dominates Black Friday Growth
Per Investing.com, there was an uptick in online purchases made by Americans using various mobile devices, computers, and desktops, which might be good news for online retailers like Walmart and Amazon.com. With 4,700 locations across the United States, Walmart has poured a lot of money into store-to-home delivery this holiday season to encourage online shopping.
According to Facteus, e-commerce retailers with substantial sales growth in the seven days leading up to Friday compared to the same period last year included Shein, PDD’s Temu, and TikTok Shop, which is a part of Beijing-based ByteDance’s TikTok social media platform.
Online sales in the United States increased 10.2% year-over-year on Friday, reaching about $10.8 billion, according to an updated tally released on Saturday by Adobe Inc. According to its Adobe Analytics tally, the top-selling stuff online includes items related to skincare, haircare, beauty, Bluetooth speakers, and espresso machines. For more than a trillion unique visitors to U.S. retail websites, Adobe maintains tabs on the devices that run its software.
Inflation and Spending Trends Impact Retail Data
On the other hand, Salesforce, a cloud-based software business that monitors several online expenditure categories, said on Saturday that online sales in the US increased by 7% to $17.5 billion. According to Salesforce's analysis of data from over 1.5 billion customers worldwide, consumers purchased more furniture and household appliances.
The increase in spending can be explained in part by higher pricing, given the estimates do not take inflation into consideration.
