In-Store Visits, Online Shopping Saw Increases Over Thanksgiving Weekend
Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe Analytics, which tracks sales on retailers’ websites. Overall, online Black Friday sales were up 2.3 percent year-over-year. Adobe also predicted that consumers were set to spend more than $9 billion online over the weekend ($4.52 billion on Saturday, $4.99 billion on Sunday). Furthermore, in-store visits increased 2.9 percent on Black Friday, according to retail analytics provider Sensormatic Solutions by Johnson Controls.
According to Sensormatic, visits to physical stores on Thanksgiving Day increased by 19.7 percent YoY, as more retailers opened their doors on Thursday than last year.
Each report also offered additional information. Adobe's report, for example, noted an increase in consumers' use of flexible payment plans on Black Friday. In fact, buy now, pay later (BNPL) purchases increased by 78 percent compared with the past week, and BNPL revenue is up 81 percent for the same period.
As for Sensormatic's report, the foot traffic analysis also looked at specific store formats. On Black Friday, for example, enclosed mall traffic increased 1.2 percent and non-mall traffic (e.g., lifestyle centers, strip centers and standalone stores) increased 4.7 percent compared to Black Friday 2021.
Total Retail's Take : These are encouraging numbers for retailers, whom in general have been concerned that inflation and cash-strapped households would cut back on gift spending this holiday season. Cyber Monday is another busy day for retailers to look forward to. Last week, Adobe said it expected consumers to spend $11.2 billion on Cyber Monday, a 5.1 percent increase YoY. However, retailers shouldn't celebrate just yet. With the holiday weekend and Cyber Monday producing positive numbers, one needs to question whether shoppers are looking for deals and promotions early and then may stop spending shortly thereafter. The key for retailers will be maintaining the positive momentum generated this past holiday weekend, both online and offline.
Related story: Consumers Spend a Record $5.29B Online on Thanksgiving Day