American shoppers had their credit cards working overtime on Black Friday, spending $8.6 billion online by early evening. That's a solid 9.4% jump from last year, according to Adobe Analytics, which has a pretty good view of what's happening since it tracks over 1 trillion visits to retail websites.
Digital Deals Drive Record-Breaking Day
The final tally for Black Friday could land between $11.7 billion and $11.9 billion, which would set a new record for the shopping holiday. Meanwhile, physical stores had a quieter day as shoppers stayed more cautious amid inflation worries, policy uncertainty, and a cooling job market.
It's the classic modern shopping story: everyone's buying stuff, but they're doing it from their couch instead of battling crowds at the mall.
Weekend Shopping Momentum Continues
The spending spree isn't stopping after Friday. Adobe expects Saturday to bring in $5.5 billion in online sales, up 3.8% from last year, followed by $5.9 billion on Sunday, a 5.4% increase.
Heavy discounts across electronics, apparel, and home goods are keeping shoppers engaged. And the real heavyweight is still coming: Cyber Monday is projected to hit $14.2 billion, up 6.3% from 2024, making it the year's biggest online shopping day.
November Spending Crosses $99 Billion Mark
From November 1 through November 27, U.S. consumers dropped $99.6 billion online, marking a 6.8% increase over the same period last year.
Mobile shopping grabbed a bigger slice of the pie, reaching $52.2 billion, up 6.4% year over year. Buy Now, Pay Later services also saw strong growth, jumping 10.3% to $7.4 billion as shoppers spread out their payments.
Economic Headwinds Loom Despite Strong Holiday Sales
The robust online spending comes against a backdrop of mixed economic signals. Earlier this month, data showed producer inflation turning positive in September as energy costs surged, with the Producer Price Index rising 0.3% from August, driven largely by an 11.8% spike in gasoline prices.
Retail sales data painted a more cautious picture, rising just 0.2%, weaker than forecasts. The retail control group, which feeds into GDP calculations, actually slipped 0.1% for its first decline since April.
Despite some bright spots in specific categories like gas stations and miscellaneous retailers, overall consumer spending showed signs of cooling, even though annual retail sales maintained a moderate 4.3% pace. The data reinforced expectations that the Federal Reserve might cut rates again soon.