Start the day smarter.Get all the news you need in your inbox each morning.More shoppers have taken advantage of “buy now pay later” services , with orders Nov.19-25 up 78% compared to the previous week, the report said.“As Black Friday hit record spending online, we’re also seeing more prominent signs of a budget-conscious consumer this year,” said Vivek Pandya, lead analyst for Adobe Digital Insights, in a statement.“Shoppers are embracing the Buy Now Pay Later payment method more this year to be able to buy desired gifts for family and friends.” ‘Buy now, pay later’: Should you use ‘buy now, pay later’ for 2022 holiday purchases? Small Business Saturday 2022: What will it look like after unusually steep Black Friday sales? Inflation will still likely have an effect this holiday season because it leads not only to higher prices, but also more frugal spending.The National Retail Federation expects holiday sales including online sales to be up 6%-8% this year, compared to 13.5% a year ago, totaling $942.6 billion to $960.4 billion.
But those estimates aren’t adjusted for inflation so spending could even be down, the group said.Adobe Analytics expects total holiday online sales (from Nov.
1-Dec.31) to be up 2.5%, a jump less than last year’s 8.6% increase.Brisk online sales were expected over the Thanksgiving weekend, with shoppers expected to spend more than $9 billion online ($4.52 billion on Sat, $4.99 billion on Sun), Adobe Analytics estimated.Cyber Monday is forecast to be the year’s biggest online shopping day, with Adobe Analytics expecting sales of $11.2 billion, up 5.1% over last year.Fights, tents, swarms of people: What Black Friday in America looked like at peak chaos Buy now, pay later: Delinquencies could get ‘dangerously’ high.What will companies do about it? Electronics were top online sales choice, according to Adobe Analytics, with purchases 221% higher than the average day last month.Also popular: Toys (up 285%), smart home products (up 271%), exercise equipment (up 218%) and audio equipment (up 230%).Drones, Apple MacBooks, and Dyson products including vacuums and Airwrap hair stylers were hot sellers, Adobe Analytics said.
In the toy category, popular products included Fortnite and Roblox toys, Bluey toys, Funko Pop! figurines and Disney Encanto toys.
Video game consoles have been hot, too, with the Microsoft Xbox Series X and Sony PlayStation 5 both popular purchases, along with games such as FIFA 23, NBA 2K23, and Pokmon Scarlet & Violet.What’s everyone talking about?: Sign up for our trending newsletter to get the latest news of the day Not according to Adobe Analytics.Consumers can still expect discounts this weekend of 33% off toys and other discounts including apparel (17% off); sporting goods (19%), and televisions (17%).
Cyber Monday is expected to be the time for the best deal on computers (27% off) and furniture (11%).Is there an appliance on your holiday shopping list? Discounts are expected to the best (18%) on Thursday (Dec.1).Contributing: The Associated Press Follow Mike Snider on Twitter: @mikesnider .
This article originally appeared on USA TODAY: $9.12 billion spent in a day: New Black Friday online spending record set in 2022, report says.
