Government and public offices, businesses, and schools are not closed on this day but may hold special events and outreach programs to commemorate the annual observance. It marks the first day of the New Year in the Chinese calendar. Many people in countries such as the United States celebrate Lunar New Year, also known as the Spring Festival or Chinese New Year. Business Date to Date (exclude holidays).But the real growth surges, he said, "end up being in November and Thanksgiving week. He noted that there are always gift-givers who procrastinate their holiday shopping so spending could continue to trickle in late into December. "We do expect growth to weaken because those discounts will weaken and they are dictating a lot in terms of buyer behavior this season," said Pandya. Cyber Monday, as the last major deal day of the holiday season, could be the final spending spike on non-essential goods for the rest of the year. ![]() The report forecasts that online shoppers will spend roughly $10 billion over the course of Saturday and Sunday, and a record $12 billion on Cyber Monday.īut spending will likely begin to taper off deeper into the holiday season, according to Pandya. Other retailers like Target and Ulta Beauty have rolled out pop-up promotions that offer 24-hour discounts on certain brands and items.īlack Friday kept the momentum going from the day before on Thanksgiving when online sales totaled $5.6 billion, according to a prior Adobe analysis.Īdobe expects the spending strength to hold over the weekend and through Cyber Monday with the biggest bargains still ahead. Companies like Best Buy and Lowe's have both announced higher discounting levels. Retailers are aware of the rise of deal-hunting consumers and want to capture as many of them as possible. "I do think the paradigm has changed around the in-store Black Friday experience, the long lines and things like that," said Adobe's Pandya.Ĭonsumers are "more in the driver's seat" when they are online shopping, he added, because it is easier to make side-by-side price comparisons and secure a better price. It does not track brick-and-mortar retail transactions.Ī Mastercard analysis of this year's Black Friday sales found that in-store sales rose just over 1% versus online sales, which grew by over 8% compared to last year. retail websites, 18 product categories and 100 million unique items. Pandya said top sellers directly correlated to whichever products had the best discounts.Īdobe gathers its data by analyzing one trillion visits to U.S. Meanwhile, home-repair tools underperformed. ![]() The best-selling categories of Black Friday, the Adobe report found, were electronics like smartwatches and televisions, along with toys and gaming. According to the Adobe survey, $79 million of the sales came from consumers who opted for the 'Buy Now, Pay Later' flexible payment method to stretch their wallets, up 47% from last year. Still, shoppers are price-sensitive, managing tighter budgets due to last year's record inflation and interest rates. He noted that influencers and social media advertising have made it easier for consumers to get comfortable spending on their mobile devices. Pandya noted that impulse purchases may have played a role in the Black Friday growth since $5.3 billion of the online sales came from mobile shopping. Personal Loans for 670 Credit Score or Lowerīlack Friday's spending spike reflects a consumer who is more willing to spend than in 2022, when gas and food prices were painfully high. Personal Loans for 580 Credit Score or Lower ![]() Best Debt Consolidation Loans for Bad Credit
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