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Bayu Wibowo
Nov 28, 2022 9:57AM ET
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Black Friday online sales to hit record despite high inflation -Adobe Analytics
© Reuters. People shop at Macy's Herald Square during Black Friday sales in New York City, U.S., November 25, 2022. REUTERS/Brendan McDermid
(Reuters) -U.S. online spending is expected to set a record for Black Friday, according to Adobe (NASDAQ:ADBE) Analytics, as steep discounts lured consumers against the backdrop of high inflation, kicking off the year's biggest shopping event on a strong note.
Initial numbers from Adobe Analytics, the data and insights arm of software company Adobe Inc, showed shoppers are expected to spend between $9 billion and $9.2 billion online on Friday, topping its forecast for a modest 1% rise to $9 billion.
As of 6 p.m. EST (2300 GMT) on Friday, Adobe data showed shoppers spent an estimated $7.28 billion online.
"E-commerce demand has remained strong regardless, and Black Friday is set to surpass $9 billion in online sales for the first time, as consumers come to value the ease and convenience of shopping from home," said Vivek Pandya, lead analyst at Adobe Digital Insights.
"Some shoppers are returning to physical stores for Black Friday, after two years where pandemic-related anxieties kept many people at home," Pandya added.
Adobe Analytics, which measures e-commerce by tracking transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States.
Adobe's analysis covers over 1 trillion visits to retail websites; Adobe does not disclose the names of the company sites it tracks.
Early holiday deals, including a second Amazon (NASDAQ:AMZN) Prime Day event in October, were expected to take some of the shine off the biggest shopping days of the year.
More Americans placed orders through their smartphones over the holiday, with mobile shopping expected to drive 53% of Black Friday online sales. Mobile orders accounted for 55% of online Thanksgiving sales.
Cyber Week, which runs five days from Thanksgiving to Cyber Monday, is expected to generate $34.8 billion in online spending, up 2.8% from the year-ago period, according to the report.
"As Black Friday discounts transition to being pre-Cyber Monday discounts, we expect online spending momentum to continue through the weekend." Pandya said.
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Comments (10)
Brad Albright
Nov 26, 2022 8:59AM ET
Id iotic headline. Sales hit record BECAUSE of inflation
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Brad Albright
Nov 26, 2022 8:57AM ET
Idiotic headline. Sales hit record BECAUSE of inflation.
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Stephane Adam
Nov 25, 2022 9:11PM ET
If Cyber Week sales increase by 2.8% in USD terms but inflation is 8% year-on-year, then they fall by 5% in volume.
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Dalton Grey
Nov 25, 2022 9:11PM ET
Good comment. The article missed the point that retail prices and retail costs have increased dramatically. Even 8% is under reported. Will be interesting to see the retail earnings this quarter.
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Alex Huang
Nov 25, 2022 8:36PM ET
Isnt the record high caused by high inflation?
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Shong Jing Chew
Nov 25, 2022 11:48AM ET
I feel like retail finally join the rally , and buy stock .....
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N Zink
Nov 25, 2022 11:15AM ET
tsm
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Andy Donald
Nov 25, 2022 10:18AM ET
Setting records? what is the point of highlighting 1% and 3% without even mentioning 10 to 13% inflation? Hollow reporting!!
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Fomo Overdrive
Nov 25, 2022 10:18AM ET
I saw data volumes down 20% all week at major financial institutions. So yoi have a point. Less transactions but higher prices = record breaking week. See if anyone talks about the count of transactons...
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Stan Smith
Nov 25, 2022 10:18AM ET
Everybody's maxed out their credit cards in order to eat...inflation doesn't matter anymore!!!
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Wrong Franco
Nov 25, 2022 10:14AM ET
FED: wooo market is fine lets hike more rate
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