On November 24, 2023, a record $9.8 billion in US online retail sales were made, a 7.5% increase over the previous year.
Since the demand for apparel and electronics grew by 7.5% over the previous year, these items saw significant price reductions, which contributed to the growth in spending.
According to an “Adobe” report, $5.3 billion of online sales are attributed to impulsive mobile purchases, which also contribute to sales growth.
The flexible “buy now, pay later” payment option generated $47% more in sales for US$79 million this year than it did the year before.
Electronics like TVs and smartwatches, along with toys, were the top-selling categories during Black Friday.
The results of Black Friday sales show that American customers are still on the lookout for good offers during the holiday season.
In an effort to draw in more customers and boost sales, retailers are anticipated to keep providing fantastic deals and discounts in the upcoming weeks.
Every year, on the Friday that comes after Thanksgiving in the US, businesses observe Black Friday.
In American business, it is customary for retailers to give their customers steep discounts on products.
The word “black,” which was first used to describe the monetary losses that retailers suffered on the Friday following Thanksgiving, is where the name Black Friday originates. Nevertheless, the meaning has evolved to now include the significant discounts that retailers provide on this day.
It is believed that the Christmas gift-buying season officially begins on this day. The majority of stores open early on this day—up to four in the morning—and give deals and discounts.
Large crowds of customers congregate outside big-box stores at first light on Friday, waiting for them to open, due to the massive savings and the fact that most Christmas gifts are purchased on that day.