Here’s How Americans Spent a Record $18 Billion Chasing Thanksgiving Week Deals
American consumers have demonstrated their purchasing power this Black Friday. Record-breaking online sales were reported, with billions spent across various platforms and industries.
What Happened: The Adobe Analytics noted a 9.1% increase in online spending from the previous year, reaching an unprecedented $11.8 billion.
From 10 a.m. to 2 p.m. local time, online shopping carts were bustling with activity, processing $12.5 million every minute. Thanksgiving Day also witnessed record online spending, amounting to $6.4 billion. Electronics, video game consoles, and home appliances emerged as the top-selling categories, reports The Associated Press.
Software company Salesforce estimated Black Friday online sales to be $18 billion in the U.S. and $79 billion globally. Shopify reported that its merchants made a record $6.2 billion in sales worldwide on Black Friday, with peak sales hitting $5.1 million per minute. The top categories were cosmetics and clothing.
According to Mastercard SpendingPulse, overall Black Friday sales saw a 4.1% increase from last year, excluding automotive. Online sales experienced a double-digit jump of 10.4%, while in-store purchases saw a modest increase of 1.7%.
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Despite the online sales boom, in-store traffic has been on a decline. Data from RetailNext showed a 3.6% drop in U.S. Black Friday traffic compared to 2024.
However, the week of Black Friday saw a nearly 57% increase in traffic compared to the previous week, according to Sensormatic Solutions.
Adobe predicts U.S. shoppers will spend an additional $5.5 billion on Saturday and $5.9 billion on Sunday, reaching an estimated $14.2 billion peak on Cyber Monday.
Why It Matters: The record-breaking Black Friday sales come amid economic uncertainties, demonstrating the resilience of the American consumer. The surge in online sales indicates a shift in consumer behavior, with more people opting for online shopping over in-store purchases.
This trend could have significant implications for retailers, necessitating a reevaluation of their strategies to cater to the changing consumer preferences.
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