Sales are on the rise again this holiday season and consumers are shopping in an omnichannel way.
Black Friday, Cyber Monday and sales before and after the Thanksgiving holiday marked at least a week of special discounts and sales. It also marked a year over year increase in retail activity in the United States, spending an estimated $9.8 billion during Black Friday alone, according to Adobe Analytics.
Originally a single day of sales, discounts and deals came early extending the sales period before Black Friday, potentially easing the Friday sales bump. In-store sales increased by 1.1%, while ecommerce sales rose by 8.5% year over year, according to MasterCard SpendingPulse.
Final totals are still being tallied but reports from MasterCard SpendingPulse, Adobe Analytics and various consulting firms indicate that most likely due to the country’s inflation and economic pressures, consumers actively took advantage of the season’s special discounts, searching for the best deals. They are buying “closer-to-need” according to TD Cowen analysts.