A recent report has shown that $10.8 billion was spent across the incredibly popular Black Friday sales events.
Adobe Analytics carried out the report, which shows that the total amount spent from the start of November 2024 is a huge $107.3 billion. Black Friday, the viral event shoppers wait for each year, was a massive contributor to the overall figure.
Reuters further reported that $10.8 billion was spent on Black Friday alone on consumer stockpiling for the holiday season.
Black Friday takes in $10.8 billion
Adobe’s report stated a 10.2% surge from this year in 2024 to the same time in November 2023. This equated to $9.8 billion spent online on Black Friday in 2023; before that, $9.1 billion was spent in 2022.
Thanksgiving sales also went up 4% this year, according to a report published by the National Retail Foundation (NRF). The report showed that the items most highly sought after were clothing (54%), gift cards (44%), toys (36%), books, video games, and other media (31%) and food/candy (30%).
The entity has also stated that as part of a forecast, “holiday spending is expected to reach record levels during November and December and will grow between 2.5% and 3.5%, totaling $979.5 billion to $989 billion.”
At the start of the year, Due reported that a customer confidence survey by the Conference Board showed trust in the retail market faltering slightly. This was amid the turmoil of the Ukraine-Russian War, tensions in the Middle East, and surging prices for the average American family.
The report also showed that trust in the market had dipped to its lowest level since 2022 at 97.0. This is a slight decline from the previous month of 103.1 in March, but this lack of growth and a continued range means there is little hope for an improvement by the summer of 2024.
Dana M. Peterson, Chief Economist at The Conference Board, said of the dip, “Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation and more concerned about future business conditions, job availability, and income.”
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