Black Friday heads for online sales record
Cyber Week, the five days from Thanksgiving Day through Cyber Monday are expected to generate $34.8 billion in online sales
This holiday season consumers going for 'experience' rather than a 'physical' gift: Kenny Polcari
Slatestone Wealth chief market strategist Kenny Polcari provides an outlook on the stock market, the Federal Reserve slowing down rate hikes, and warns consumers on Black Friday retail discounts on ‘Varney & Co.’
Online sales for Black Friday aim to set a record as receipts get totaled.
Consumers spent $7.28 billion up through 6:00 pm ET on Friday, according to Adobe Analytics.
When the final tally is in, consumers will spend between $9 billion and $9.2 billion for the day, and set a new record.
Tech gifts have been very popular. Among the top sellers are Apple Watches, Apple AirPods, smart speakers, smart televisions and digital cameras.
HOLIDAY SALES FLAT AT $64.5B, RETAILERS FORCED TO OFFER DEALS
Consumers will spend between $9 billion and $9.2 billion on Black Friday, setting a new record. (iStock / iStock)
Shoppers spent $5.3 billion online on Thanksgiving Day, up 2.9% from the holiday last year and setting a record with smartphones accounting for 55% of online sales, up from 51% last year.
Toys are also hot items, driven by discounts as high as 33%.
The category has also seen a 176% increase in online sales compared to the average daily sales in October.
"Some shoppers are returning to physical stores for Black Friday, after two years where pandemic-related anxieties kept many people at home," said Vivek Pandya, lead analyst, Adobe Digital Insights. "E-commerce demand has remained strong regardless, and Black Friday is set to surpass $9 billion in online sales for the first time, as consumers come to value the ease and convenience of shopping from home."
BLACK FRIDAY TAKING A BACK SEAT TO SMALL BUSINESS SATURDAY THIS YEAR
A new survey from Bankrate found more holiday shoppers plan to hit up Small Business Saturday than Black Friday this year. (Ricardo Ramirez Buxeda/Orlando Sentinel/Tribune News Service via Getty Images / Getty Images)
Shoppers and retailers got a jump on the season with early deals in October getting consumers to spend over $72 billion online.
Looking ahead to the weekend, consumers are expected to spend $4.52 billion on Saturday, which is also Small Business Saturday.
Estimates are for $4.99 billion for Sunday.
Retailers are using discounts to get shopper's attention with toy discounts around 34%, sporting goods 19% and apparel 17%.
A shopper making a purchase on a smartphone. (iStock / iStock)
If you are looking for a computer, it is advised to wait until Cyber Monday, when discounts are expected to peak at 27%.
CLICK HERE TO READ MORE ON FOX BUSINESS
Adobe expects the five days from Thanksgiving Day through Cyber Monday to generate $34.8 billion in online spend, up 2.8% year-over-year.