Business

Thanksgiving sales overcome inflation gloom, hit record $5.3 bln- report

Nov 25 (Reuters) – U.S. shoppers spent almost 3% more online this year on Thanksgiving Day, a report found, as consumers kicked off the year’s biggest shopping event in a strong way, alleviating worries about a dull holiday season.

Adobe Analytics said Friday that Thanksgiving sales hit a record $5.29 billion, even as inflation concerns and holiday deals that began as early as October were expected to lead to a 1% drop.

Shoppers weathered the strain on their household budgets from higher costs on everything from food to rent and continued to splurge in the run-up to the holiday season, lured by steep discounts on everything from toys to electronic gadgets.

Products such as strollers, speakers and outdoor grills flew off the shelves, the report said, and more customers began placing orders through their smartphones. Mobile shopping accounted for 55% of online Thanksgiving sales.

Black Friday is expected to bring in $9 billion in online sales, a modest 1% increase over last year, with shoppers now flocking to physical stores after a pandemic-induced lull of the past two years.

Adobe Analytics analysis measures online consumer transactions related to more than 1 trillion visits to US retail websites. (Reporting by Deborah Sophia in Bengaluru; editing by Anil D’Silva)

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