Major increase in BNPL payments helped consumers boost their spending despite high prices and inflation
As reported by Reuters, Adobe Analytics registered a record $9.12 billion in online shopping volumes on Black Friday this year.
Online sales for the day went up 2.3% year over year. The most popular purchase category was electronics, followed by toys and exercise equipment. The sales in these categories surged by 218%-285%.
Flexible payment plans helped US consumers combat the challenges of rising living costs and pressing inflation. Thus, BNPL payments increased by 78% compared with the last week, while BNPL revenue was up 81% for the same period.
In addition, the report highlighted this year’s hottest sale items. These included gaming consoles, drones, Apple MacBooks, Dyson products and themed toys like Fortnite, Roblox, Bluey, Funko Pop! and Disney Encanto.
Besides, 2022 Black Friday broke a record for mobile-based sales. Namely, 48% of online sales were made on smartphones this year.
Moreover, these strong sales figures followed an impressive day of Thanksgiving shopping. Then, consumers spent an all-time high of $5.29 billion online, up 2.9% year-over-year. Typically, shoppers spend about $2 billion to $3 billion online in a day, noted Adobe.
The figures are a promising day to all online retailers ahead of the holiday season.
Fintech Solutions To Help You Get Through This Holiday Season
Klarna’s Shopping App Now Enriched With Comparison Engine