![]() ![]() They’re looking for the best deal and that best deal oftentimes… comes from your couch right after the Thanksgiving meal,” said Mastercard’s Meyer. “Consumers do have a lot of choice right now. Mastercard noted that there were a number of sporting events on Friday, including the NFL’s first-ever Black Friday game, making online shopping an appealing option for sports fans. However, in-store sales increased by just 1.1%, according to SpendingPulse. Shoppers gravitated toward electronics, including smart watches (sales were up 577% compared with October 2023), TVs (+484%), audio equipment (+376%), Adobe said.Īnother popular measure of holiday spending, Mastercard SpendingPulse, found e-commerce sales jumped by an even stronger 8.5% year-over-year on Black Friday. The early results suggest the holiday shopping season is off to a positive start, aided in part by lower gas prices.Īmericans spent $9.8 billion online shopping on Black Friday, up 7.5% year-over-year, according to Adobe Analytics. ![]() The department store told CNN on Monday it is offering 2019 prices on gifts including men’s hoodies, women’s boots, coats and some kitchen products. JCPenney has slashed prices on some items so much that they’re selling for pre-Covid prices. Retailers are relying on promotions, even more than usual, to get shoppers to open their wallets.Īdobe Analytics expects discounts of up to 35% off toys this holiday season and deep discounts for electronics (up to 30%), sporting goods (up to 24%), apparel (up to 25%) and appliances (up to 20%). However, online prices have been falling, which means the increase in spending isn’t simply the result of increased prices and inflation – there is real demand growth.Īdobe said that if online deflation was factored in, growth in consumer spending would be “even stronger.” Those figures are not adjusted for inflation. That would be 5.4% higher than last year.Īdobe estimates Cyber Monday spending will increase by 6.1% to $12 billion. “This is a US economy and a US consumer that has been able to manage through a high-inflationary environment,” Michelle Meyer, chief US economist at the Mastercard Economics Institute, told CNN on Monday.Īmericans are expected to spend $37.2 billion in online shopping during Cyber Week, the five days from Thanksgiving to Cyber Monday, according to Adobe Analytics. It’s another reminder that it rarely pays to underestimate the willingness of Americans to spend regardless, even if they have less money in their bank accounts -– especially when consumers perceive deals for the taking.
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