Americans returned to stores on Black Friday with record spending that included a boost to in-store traffic. The positive consumer news comes as the U.S. economy faces a possible recession amid inflation concerns.
Consumers spent $9.12 billion on online shopping Friday and $5.29 billion on online shopping on Thanksgiving day. Overall online revenue for Black Friday was up 2.3% from last year, according to Adobe Analytics.
The $9.12 billion figure is up from $8.92 billion in 2021 and $9.03 billion in 2020. Inflation played a role in the uptick, as shoppers paid more to buy less.
Before the shopping weekend, there were reports of an estimated 166.3 million shoppers expected from Thanksgiving Day through Cyber Monday.
“Among the 114.9 million Black Friday shoppers, 67% say they expect to head to stores, up from 64% in 2021,” the National Retail Federation said in a press release on Nov. 17.
The hottest products this year included toys, exercise equipment, gaming consoles, drones, Apple MacBooks, and Dyson products. Products inspired by Fortnite, Roblox, and Bluey were also very popular, according to a report from Adobe.
“Apparel, electronics and restaurants were strong-performing sectors as consumers turned holiday shopping into a full-day experience,” Steve Sadove, senior adviser for Mastercard, said in a press release.
Mobile ordering and flexible payment plans were also used more than in previous years.
The strong numbers come as the Conference Board on Tuesday publishes its November consumer-confidence index. On Wednesday, Federal Reserve Chairman Jerome Powell will provide public comments on the economy and the labor market.