Even with a looming recession and rising inflation, online shoppers weren’t discouraged from purchasing gifts during Black Friday and Cyber Monday.

According to Adobe Analytics, consumers spent a record $9.12 billion on Black Friday and $11.3 billion on Cyber Monday. Thanksgiving and Cyber Monday accounted for nearly $35 billion in overall spending, based on Adobe’s 2022 Holiday Shopping Trends & Insights Report, which tracks more than 85% of the top 100 U.S. online retailers. Almost half of Black Friday’s online sales were made on smartphones, per Adobe’s report.

Vivek Pandya, a lead analyst at Adobe Digital Insights, told USA Today, “As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year.”

“Shoppers are embracing the Buy Now Pay Later payment method more this year to be able to buy desired gifts for family and friends,” said Pandya.

Some of the top products sold on Black Friday were:

  • Xbox Series X
  • Bluey
  • Call of Duty: Modern Warfare II
  • Drones
  • Macbooks

Toys, video games, and electronics remained popular on Cyber Monday with Legos, Hot Wheels, and smart watches being some of the most purchased items. In addition to top holiday product categories — electronics, toys, and apparel — shoppers also scored further discounts on computers, appliances, and televisions.

With Black Friday and Cyber Monday at a close, consumers showed resilient spending even with higher prices. For the rest of the holiday season, the National Retail Federation expects holiday sales, including online sales, to be up 6-8% this year, while Adobe Analytics predicts sales to be up 2.5%.

Going into 2023, Forrester predicts consumer spending will continue to increase. However, they expect shoppers to be more selective about the brands and experiences they purchase in the new year.

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About the Author: Jim Gibbs

Vice President of Sales & Marketing at The Dingley Press. Jim has been with Dingley since 2002 and lives in Maine near our Lisbon, Maine plant location.

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