Black Friday 2023 sees increase in in-store and online sales
The holiday shopping season kicked off with a bang as Black Friday sales saw a significant increase in both in-store and online purchases. According to Mastercard’s SpendingPulse report, retail sales rose year-over-year, with clothing, jewelry, and restaurant categories seeing substantial increases. In-store sales were up just over 1%, while e-commerce led the rise with an increase of 8.5%.
Despite a trend of declining in-person shopping, Sensormatic Solutions reported a 4.6% increase in Black Friday visits compared to last year. “While we anticipated an increase, in-store shopper traffic exceeded our expectations,” said Grant Gustafson, head of retail consulting and analytics at Sensormatic. “Consumers are once again enjoying shopping in-store and seeing it as an experience to share with loved ones. It’s a testament to the hard work retailers have done to streamline travel and deliver satisfying experiences.”
Adobe Analytics, which tracks online shopping in the United States, also reported record Black Friday sales, with a total of $9.8 billion, up 7.5% from 2022. The demand for electronics such as televisions, smartwatches, and audio equipment drove the increase in online sales, with most shoppers browsing and purchasing on their phones. Smartphone purchases are predicted to surpass those made on desktop computers for the first time this holiday season, according to Adobe.
Furthermore, “buy now, pay later” installment plans have become increasingly popular among online shoppers, with 72% more shoppers using these plans last week compared to the previous week, according to Adobe. E-commerce platform Shopify also posted record sales of more than $4 billion worldwide, with personal care, clothing, and kitchen utensils being the best-selling categories.
With Christmas just weeks away, holiday shopping is expected to intensify, with analysts predicting intense activity for retailers in the coming weeks. Adobe expects Cyber Monday to be the biggest commercial event of the year, with record sales of US$12 billion, more than 6% more than 2022. Sensormatic predicts that eight of the season’s busiest in-person shopping days will be in December and, combined with Black Friday weekend, are expected to account for 40% of all holiday foot traffic this year.