US

Black Friday was probably the biggest online shopping day EVER with $9 billion spent by customers

According to Adobe Analytics, online spending in the US is expected to set a record for Black Friday as deep discounts lured consumers amid high inflation, kicking off the biggest shopping event of the year.

Early 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, leading the forecast for a modest 1 percent increase. to exceed $9 billion.

Meanwhile, physical stores remained silent throughout the day. Bloomberg reports that any queues in stores were actually due to a shortage of employees rather than demand for products.

Tammy Freeman, a customer of Macy’s flagship store in New York City’s Herald Square, told me the New York Times she was there because of inflation and said, “I need to absorb sales more.”

While an employee at the Macy’s store in Union Square, San Francisco, said that although there was a line outside when they opened, it was just like a normal day when that crowd left.

Macy’s CEO Jeff Gennette told the Times, “Even in very difficult years, Black Friday is a very strong day for us.”

Macy’s Herald Square opens its doors at 5 p.m. on Thanksgiving Day to thousands of Black Friday shoppers looking for great sales and doorbuster deals

At Least One Department Employee Said Black Friday Felt Like A Normal Day After An Early Rush

At least one department employee said Black Friday felt like a normal day after an early rush

Customers Visit The Dream Shopping Mall American Mall During Black Friday On November 25, 2022 In East Rutherford, New Jersey

Customers visit the dream shopping mall American Mall during Black Friday on November 25, 2022 in East Rutherford, New Jersey

Inflation Soars Above Us Shoppers This Year As Many Hit Stores For Traditional Day-After Thanksgiving Shopping

Inflation soars above US shoppers this year as many hit stores for traditional day-after Thanksgiving shopping

“Demand for e-commerce has nevertheless remained strong and Black Friday will surpass $9 billion in online sales for the first time as consumers come to appreciate the ease and convenience of shopping at home,” said Vivek Pandya, principal analyst at Adobe Digital Insights.

“Some customers are returning to physical stores for Black Friday, after two years of pandemic-related fears keeping many people at home,” Pandya added.

At 6 p.m. on Black Friday, total online sales were $7.28 billion.

Adobe Analytics, which measures e-commerce by tracking transactions across websites, has access to data about purchases from 85 percent of the top 100 Internet merchants in the United States.

Adobe’s analysis includes more than 1 trillion visits to retail websites; Adobe does not disclose the names of the corporate sites it tracks.

Vivek Pandya, Principal Analyst At Adobe Digital Insights, Said:

Vivek Pandya, principal analyst at Adobe Digital Insights, said: “Some customers are returning to physical stores for Black Friday, after two years of pandemic-related fears keeping many people at home.”

Cnbc Reports That Some Of The Most Popular Items Included Apple Smartwatches And Airpods, As Well As Toys From Funko, Hatchimals, And Squismallows

CNBC reports that some of the most popular items included Apple smartwatches and Airpods, as well as toys from Funko, Hatchimals, and Squismallows

Shoppers Cross 4Th Street At Market Street As They Hunt For Black Friday Deals In San Francisco

Shoppers cross 4th Street at Market Street as they hunt for Black Friday deals in San Francisco

CNBC reports that some of the most popular items are Apple smartwatches and Airpods, as well as toys from Funko, Hatchimals, and Squishmallows.

Early holiday deals, including a second Amazon 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 during the holidays, with mobile shopping expected to drive 53 percent of online sales on Black Friday. Mobile orders accounted for 55 percent of online Thanksgiving sales.

Cyberweek, which runs five days from Thanksgiving to Cyber ​​Monday, is expected to generate $34.8 billion in online spending, up 2.8 percent from the same period last year, the report said.

“As Black Friday discounts transition into pre-Cyber ​​Monday discounts, we expect the online spending momentum to continue through the weekend.” Pandaya said.

Adobe also predicts that online shopping during the weekend will result in spending close to $10 billion, with toys accounting for 34 percent of those sales.

However, the company advises consumers to wait until Monday to shop, because the discounts will then average 27 percent.

The National Retail Federation predicts that Americans could spend as much as $960 billion this holiday season, compared to the $889 billion spent last year.

According to CNBC’s reporting, Target, Macy’s and Nordstrom all said October and November sales fell as inflation continued to rise.

Buyers spend an average of $433 per month more than in 2021, despite buying the same goods and services.

While the numbers are slightly down from September’s monthly figure of $445, Moody’s Analytics analysis of October’s data shows that inflation is still outpacing budgets.

Us Annual Inflation Remained Stubbornly High At 7.7 Percent Last Month, But Fell For The Fourth Month In A Row

US annual inflation remained stubbornly high at 7.7 percent last month, but fell for the fourth month in a row

1669432249 621 Inflation Boosts Us Household Spending To 433 A Month

1669432249 22 Inflation Boosts Us Household Spending To 433 A Month

Consumer prices rose by 7.7 percent in October compared to a year ago United States Bureau of Labor Statistics (BLS).

That rate is down from 9.1 percent in June, the most recent peak, and data suggests inflation may cool further in coming months.

Many workers’ wages have not kept pace with inflation, meaning they have lost purchasing power.

Hourly wages fell an average of 2.8 percent in the year to October, accounting for inflation, according to the BLS.

Although the rate is lower in October than in September, it is still approaching its highest level since the early 1980s.

However, the impact on households is not streamlined, with personal inflation rates on the types of goods and services an individual purchases and other factors such as geography coming into play.

Bernard Yaros, an economist at Moody’s, spoke to CNBC and said the “peak of inflation is probably behind us.”

“We are seeing more signs that peak inflation is likely behind us, and this should provide some relief to the demographics that have been disproportionately affected by uncomfortably high inflation over the past year,” he said.

‘[For example] younger and rural Americans, as well as those without a bachelor’s degree.”

Joseph Bert, a certified financial planner who serves as chairman and CEO of Certified Financial Group, told CNBC that “there is no silver bullet.”

“It’s all those little decisions that add up at the end of the month,” he said.

Madeline Maloon, a financial advisor in San Ramon, California, told the broadcaster there is less flexibility to cut fixed expenses.

Instead, Maloon has advised that non-essentials are likely to get the snipe if individuals want to save money.

It’s important, Bert said, that people avoid financing higher costs with a credit card or through a withdrawal or loan from a retirement plan.

‘That’s the worst thing you can do. You will pay a huge price for that in the years to come,” he added.

President Joe Biden last week praised the new report showing inflation was falling, describing the change as “progress” and proof that his economic plan is working.

The consumer price index came in at 7.7 percent in October, marking the fourth straight month of declines from the 40-year high of 9.1 percent reached in June.

Core inflation, which excludes volatile food and energy prices, fell to 6.3 percent year on year, after hitting a four-decade high of 6.6 percent in September.

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Jacky

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