Holiday shoppers got an early start on their Black Friday shopping this year, with online spending hitting a record-breaking $6.1 billion on Thanksgiving Day, according to Adobe Analytics. This marks an 8.8% increase from 2023, when Thanksgiving sales grew by 5.5%, as consumers sought ways to stretch their dollars further.
Toys saw a surge in demand, with discounts reaching up to 27.2%, while electronics accounted for more than 26.5% of the total sales. Many consumers took advantage of early promotions to upgrade their TVs and computers.
Mobile shopping reached new heights this year, with smartphones driving nearly 60% of all online sales. A total of $3.6 billion in mobile purchases was recorded, reflecting a 10.5% year-over-year increase.
“Cyber Week has kicked off with strong sales, fueled by larger-than-expected discounts on Thanksgiving Day that spurred impulse buys in categories like electronics and apparel,” said Vivek Pandya, lead analyst at Adobe Digital Insights.
This year’s discounts encouraged shoppers to splurge on more expensive electronics than usual compared to earlier in the season, and they were also “trading up” in categories like appliances, sporting goods, personal care, and toys.
Consumers also sought guidance on their spending, often clicking through from chatbots to retail websites or following social media influencers, a trend that increased over 2023.
Additionally, the “Buy Now, Pay Later” payment plan option became more popular this year, driving $430 million in online spending. Adobe expects this trend to continue growing, particularly on Black Friday and Cyber Monday, as shoppers look for ways to manage their budgets.
Looking ahead, Adobe projects that Black Friday sales will set even more records, estimating $10.8 billion in online spending, with electronics likely to be the top category. The National Retail Federation also predicts that a record 183.4 million people will shop between Thanksgiving and Cyber Monday this year.
