Black Friday Online Spending Surges Nearly 22 Percent to New Record
Online spending from the pandemic increased by almost 22 percent as the pandemic forced consumers to stay home, according to CNBC.
According to data from Adobe Analytics consumers spent $9 billion on online shopping during Black Friday, a 21.6 percent increase year-over-year. Adobe analyzed website transactions from 80 of the top 100 online retailers in the US.
This data makes Black Friday in 2020 the second biggest online spending day in history, only behind Cyber Monday in 2019. Cyber Monday 2020 is expected to become the largest online spending day in history, with spending expected between $10.8 billion and $12.7 billion. This would represent 15 to 35 percent year-over-year.
“New consoles, phones, smart devices and TVs that are traditional Black Friday purchases are sharing online shopping cart space this year with unorthodox Black Friday purchases such as groceries, clothes and alcohol, that would previously have been purchased in-store,” said Taylor Schreiner, a director at Adobe Digital Insights.
Adobe found that consumers spent $6.3 million per minute online shopping, around $27.50 per person. Spending on smartphones increased 25.3 percent year-over-year to $3.6 billion and represented 40 percent of total e-commerce spending.