Remember the days of fighting the effects of tryptophan to brave the malls with hundreds of other shoppers? It seems those days are long behind us! The last few years of Black Friday shopping have certainly been abnormal, with 2020 and 2021 plagued by pandemic concerns. But with most companies abandoning the only in-store sales, and even opening up the week to discounts versus just one day, 2022 is turning out to be a record setting year!
Accessibility and convenience is key
Shopping from the comfort of your own home has never been easier. Many retailers offer online shopping via their website, with some even using standalone apps with even more discount capabilities. The ability to drop items into your cart, shop around, and use multiple payment streams such as PayPal and Buy Now/Pay Later gives consumers the ability to remain budget-conscious and hunt down the greatest deals – and it showed in the results. According to Adobe Analytics, consumers spent a record $9.12 billion while online shopping on Black Friday! That’s 2.3% higher than 2021, and higher than the last record of $9.03 billion in 2020. It’s also a huge jump over Thanksgiving and Veterans Day sales, which raked in $5.1B and $4B, respectively.
Almost half of online sales were done with a smartphone, which is a 44% increase over last year. In terms of media and marketing, paid search was Black Friday’s biggest driver, representing 30% of all online sales. Direct (18%), email (17%), and organic search (15%) were also major contributors. As far as what people purchased, electronics were the top online seller, including smart home products, as well as toys and fitness equipment.
What affect can this have on the remainder of the year?
At this point, time will tell, but Adobe is predicting that Cyber Monday will be even bigger with a 5.1% increase from last year at $11.2 billion. As for the rest of the year, the looming unknowns of inflation will still likely have an effect on consumer’s spending this holiday season. Last year, the months of November and December ended at an 8.6% increase year over year, but the same time period for 2022 may only produce a 2.5% increase. Also, even with sales technically being up, the adjustments because of inflation may cause spending to be down.
Now that the holiday season is officially upon us, have you taken a look at your brand’s promotions and forecasting? With consumers actively looking for discounts, value for the price, and a way to spend more frugally, you should be aware of the best ways to reach them. Download our recent white paper DRIVEN BY DISCOUNTS: A HOLIDAY SHOPPING 2022 FORECAST to learn more!
