On Thanksgiving Day, shoppers spent more on Black Friday shopping than they have in previous years. In 2019, shoppers spent approximately $4.2 billion on Thanksgiving. This is a 14.5% increase from last year’s spending, also a year record high in spending.
This year’s Black Friday in-store spending surpassed $4 billion. According to preliminary data, Black Friday online sales are estimated to be $7.4 billion, shoppers already have spent $600 million as of 9 a.m. eastern time. This is a 19.2% increase from last years online shopping.
In 2019, more shoppers shopped online before visiting retail stores. Crowds at retailers were thin on Thursday evening as U.S. consumers spent more than $2 billion in the first hours of Thanksgiving shopping.
Half the revenue for this year’s Black Friday shopping came from smartphones, this left a 24.4% increase from last year’s smartphone usage. E-commerce giants saw a 244% increase in sales, while smaller retailers saw a 61% jump.
This year shoppers spent $57.2 billion online in November. Shoppers are expected to spend $143.7 billion online.
Retailers started to invest in their e-commerce offerings and integrating them with brick and mortar stores. This was evident in retailers like Target and Walmart; these two retailers had a bigger jump in online shopping than Amazon did. These retailers are giving consumers more options and making it easier for them to shop.
So far this Thanksgiving, about 40% of shoppers have opted to make a purchase online rather than go pick it up in stores. This trend is expected to increase by 61% when customers begin their Christmas shopping.
Black Friday shopping kicks off the spending of the holiday season. Record-breaking spending, this can help drive the economy.