A Black Friday sale sign in the clothing department of Macy’s Black Friday flagship store in New York, United States, on Friday November 25, 2022.
jeenah moon | Bloomberg | Getty Images
This will likely be the biggest Black Friday ever on the internet.
Total online sales for the day after Thanksgiving are expected to top $9 billion, according to Adobe, which tracks sales on retailers’ websites. That would be a record.
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As of 6:00 p.m. ET, shoppers spent $7.28 billion on websites. That number could climb as high as $9.2 billion by the end of the day, Adobe said.
The record-breaking spending follows a strong Thanksgiving shopping day that saw consumers spend an all-time high of $5.29 billion online, up 2.9% year over year. According to Adobe, shoppers typically spend around $2 billion to $3 billion online in a day.
The company said buyers were increasing Apple Products such as watches and AirPods, smart speakers and TVs, espresso machines and gaming consoles, and toys from FunkoHatchimals and Squishmallows.
Adobe noted that mobile shopping also hit a record high this year, with smartphone sales accounting for 55% of online sales on Thanksgiving Day. Those sales are expected to account for 53% of total Black Friday sales, the company predicts.
In addition, heavy discounts enticed inflation-weary consumers to add more items to their shopping carts. Average order volume increased by 12% during the season. Toys in particular drove significant demand with discounts of up to 33%.
For retailers, these numbers could be a promising indicator for the coming weeks. Early holiday forecasts have been muted. Target, Macy’s, Nordstrom, and other companies reported sluggish sales in late October and early November. Consumer sentiment has softened over the past month as inflation hovers near four-decade highs.
That has increased the pressure on retailers over Black Friday weekend – a time often associated with the biggest deals of the holiday shopping season.
Adobe expects Cyber Week, the five days from Thanksgiving Day to Cyber Monday, to generate around $34.8 billion in online spending, up nearly 3% from 2021. Cyber Monday is set to become the biggest online shopping day, with sales topping $11.2 billion, the company predicts.
— CNBC’s Melissa Repko contributed to this report.
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