Despite the high cost of groceries and gas, shoppers across America shelled out big bucks this past holiday weekend.
Consumers spent over $10.8 billion online for Black Friday, which is a new record, according to Adobe Analytics. The company reported the jump in sales was over 10% more than last year and that the total spent on Black Friday 2024 was double what was spent in 2017.
It is a big difference from 2023, when Black Friday online shopping decreased by 7% compared to the year before.
Meanwhile, Sensormatic Solutions reported that in-store traffic was down more than 8%. With Cyber Monday, a similar shopping holiday dedicated to online-only deals since the early 2000s, e-commerce sales are only expected to increase.
According to Adobe Analytics, shoppers could spend as much as $13.2 billion Monday, which would be an increase of 6.1% from last year.
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Retailers such as Amazon, Target, and Walmart opted to hold their holiday sales events over several days rather than just Friday and Monday.
These record-breaking sales come on the heels of rising inflation. This last year ending in October saw inflation rise by 2.3%, which was greater than the Federal Reserve’s preferred gauge. Inflation rose month to month by 0.2%, which was the second consecutive month that inflation went up after a six-month downward spiral.
This article was originally published at www.washingtonexaminer.com
