Black Friday Shoppers Set Online Spending Record on Back of Electronics, Smartwatches, TVs: Adobe
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At a whopping $9.8 bn, Black Friday shoppers have created an online spending record, Adobe Analytics reported, offering a positive sign for retailers facing lackluster sales forecasts for the holiday season.
Demand for electronics, smartwatches, TVs and audio equipment helped boost the day's online sales by 7.5% compared with last year. Consumers extended their budgets by leaning on buy-now, pay-later options, which climbed by 72% from the week before Thanksgiving.
The uptick marks a recovery from last year's holiday season, when high inflation hit consumers' pockets and retailers discounted heavily to get rid of bloated inventory. This year, holiday shopping is a bellwether for US consumer resilience as pandemic-era savings dwindle and interest rates remain at a more than 20-y...