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By KEY TAKEAWAYS
- Shoppers in the U.S. could spend upwards of $12 billion online over Cyber Monday after online sales hit a record on Black Friday, according to Adobe Analytics.
- Black Friday online spending reached an all-time high of $9.8 billion, up 7.5% from last year.
- Over half of the revenue from online sales over Black Friday was through mobile shopping.
Shoppers in the U.S. could spend upwards of $12 billion online over Cyber Monday after online sales hit a record on Black Friday, according to figures from Adobe (ADBE).
Online spending on Black Friday hit an all-time high of $9.8 billion, up 7.5% compared to last year as retailers ramped up promotions to appeal to inflation-weary consumers.
At $5.3 billion, over half of the Black Friday revenue from online sales was through mobile shopping. Buy Now, Pay Later (BNPL) also saw a 47% increase in usage on Black Friday this year, with consumers using BNPL to make $79 million in purchases, according to Adobe.
While excluding brick-and-mortar stores, Adobe’s data insights are derived from analyzing over 1 trillion website visits, covering 18 product categories and encompassing a selection of 100 million unique items.
Mastercard (MA) also reported a 2.5% year-over-year increase in U.S. retail sales on Black Friday, excluding automotive sales and based on activity in the Mastercard payments network and survey-based estimates for other payment forms. The company found that e-commerce sales rose by 8.5% year-over-year, while in-store sales increased 1.1%.
