Black Friday sales have grown at a faster pace in the US this year, emphasizing that discerning consumers are opening their wallets when they find the right products.
Retail sales, except automotive It has grown by 3.4% The day after Thanksgiving marks the traditional start of the holiday shopping season MasterCard SpendingPulse. This figure exceeded growth last year and is not adjusted for inflation.
Store sales rose 0.7%, lower than last year’s pace. E-commerce was a bright spot with online sales up 14.6%, higher than last year.
For retailers, the sluggish growth in retail sales highlights the challenges they face in attracting price-sensitive consumers. Shoppers burned by higher prices due to post-pandemic inflation are comparing more often and waiting to find the best possible deals. Some say they’re cutting back on budgets and trying to be more intentional about their spending.
Black Friday is seen as one of the barometers of US consumer spending, although its characteristics have been evolving. More and more people are spreading out their holiday shopping and buying gifts earlier. Online shopping continues to rise, while the huge limited-time “checkout discounts” have declined. The shopping season continues through the weekend, followed by Cyber Week.
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US e-commerce sales soared a record 10.8 billion dollars on Black Friday, according to eco data Adobe Inc. Traffic in the store was down 8.2% on the day from last year, according to preliminary data from Sensormatic Solutions. Early afternoon was the most popular time to browse the store.
“Consumers were waiting, biting here and there, and they really showed up on Black Friday,” said Michelle Meyer, chief economist at the Mastercard Economic Institute.
E-commerce sales were softer in the two weeks leading up to Thanksgiving, while in-store sales were relatively strong during that period, he said. This indicates that people are able to spend, but are considering what they buy and looking for value.
Inflation has cooled, and there are items that cost less than last year, Meyer said, pointing to items such as electronics and furniture. The weather has been cold lately in some parts of the country, and it has helped to increase the sales of clothing.
The operators go all inclusive offers to attract consumers and navigate a shorter shopping season this year. Walmart Inc. extended its Black Friday specials and is offering more discounts. The world’s largest retailer said the apple AirPods, 65 inches the year Televisions and men’s denim were top sellers in stores on Black Friday. Shoppers also bought winter clothes, such as pajamas and hoodies, after a warmer-than-average November.
Home Depot Inc. and Best buy Co. offered discounts on everything from holiday decor to large TVs. the goal Corp. had exclusive items, including three Taylor Swift products: a tour book and vinyl and CD recordings. The company said all three have exceeded expectations and “The Eras Tour Book” is already its best-selling title of the year.
