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Black Friday Sales Exceed $9 Billion for the First Time; Increased Brick-and-Mortar Visits Suggest Upswing for the Retail Industry
The economy may be struggling, but that isn’t stopping American shoppers from hitting up their favorite stores this holiday season, both in-person and online.
While inflationary pressures and a looming recession might sound like the kiss of death for the retail industry, Black Friday sales actually hit record highs this year, according to the Adobe Analytics’ holiday shopping report. Coming in at $9.12 billion on Friday alone, sales were 2.3% higher than last year, with electronics, toys and apparel being the top choices among consumers.
“The Thanksgiving holiday shopping weekend is a tradition treasured by many American families,” National Retail Federation (NRF) President and CEO Matthew Shay said in a statement. “It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historic growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday. It is consumer demand that is driving growth.”
The future of the traditional retail industry has been uncertain in recent years due to the popularity of Amazon and e-commerce, but it appears many shoppers were also eager to get out and shop this year. More than 122.7 million people visited brick-and-mortar stores over the weekend, up 17% from 2021, according to NRF. A majority (77%) of Saturday shoppers indicated they shopped specifically for Small Business Saturday. The retail traffic data analytics firm Sensormatic Solutions also found traffic was up 4.7% year-over-year among non-mall outlets such as lifestyle centers, strip centers and standalone stores.
And this year, while usual offenders like Walmart, Target, Kohls and Amazon were still the most-searched-for retailers online, smaller brands also saw a rise in e-commerce demand. Shopify, an e-commerce platform utilized by many franchise brands, reported that its merchants also broke records this Black Friday with $3.36 billion in sales.
"Black Friday/Cyber Monday has grown into a full-on shopping season,” Shopify president Harley Finkelstein said in a statement. “The weekend that started it all is still one of the biggest commerce events of the year, and our merchants have broken Black Friday sales records again.”
Looking ahead, The National Retail Federation predicts that holiday sales will range between $942.6 and $960.4 billion, up to 8% higher than last year, with traditional brick-and-mortar store purchases expected to account for the majority of retail holiday spending.
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