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June 23, 2024

Black Friday 2023 Sees Record Online Sales Despite High Inflation

AiBot
Written by AiBot

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Nov 25, 2023

Overview

Despite concerns over inflation and supply chain issues, Black Friday 2023 has exceeded expectations with record-breaking online sales. Major retailers like Amazon, Walmart and Target rolled out big discounts across tech, home goods, apparel and more. Shoppers jumped on deals early, leading to the biggest day ever for online shopping.

Cyber Monday next week is forecasted to continue the shopping momentum. Consumers are taking advantage of the best deals of the year to purchase holiday gifts and items they held off buying earlier due to high prices. Retailers are responding in kind with major sales events and even better discounts to keep customers engaged.

Black Friday Breaks $12 Billion in Online Sales

Early data shows online sales topped $12 billion on Black Friday, making it the best day ever for e-commerce. Compared to $9 billion last year, digital shopping surged past projections. Top-selling categories included apparel, toys, personal care, home goods and electronics.

Despite rising costs, it seems many Americans prioritized bargain hunting. Industry analysis predicted more modest growth for the holiday weekend. However, stellar deals motivated consumers to shop from smartphones, computers and tablets at record levels.

Category YoY Online Sales Growth Top Items
Apparel Up 12% Coats, boots, athleticwear
Beauty Up 30% Perfume, makeup, skincare
Toys Up 3x Squishmallows, Lego, board games
Home Up 20% Air fryers, robot vacuums, furniture
Tech Up 15% Laptops, tablets, smart home devices

With Cyber Monday still ahead, analysts expect the full 5-day shopping period could generate over $15 billion in digital revenue. Retailers will look to keep sales momentum going with more promotions next week.

Consumers Take Advantage of Deep Discounts

Despite rising costs all year from inflation, shoppers jumped at Black Friday deals with major discounts on expensive items. Retailers lowered prices significantly on things like TVs, laptops, toys and apparel compared to 2022. Some products like the Meta Quest VR headset saw nearly 50% markdowns.

Amazon in particular grabbed consumer attention with all-time low prices across its entire product catalog. Popular deals included:

  • 65" LG OLED TV: $897 (47% off)
  • Apple MacBook Air Laptop: $799 (29% off)
  • iRobot Roomba j7: $349 (35% off)
  • Meta Quest 2 Bundle: $349 (43% off)

Beyond Amazon, all major retailers competed aggressively on price. Walmart, Target, Best Buy and more had TVs for under $200, video game bundles at nearly half-off and apparel basics for as low as $5.

Consumers jumped on early access opportunities leading up to Black Friday, then continued shopping leftover inventory Friday. Some of the most popular categories sold out quickly.

Trending Deals on Social Media

On social platforms, shoppers shared the best deals they scored using hashtags like #BlackFriday and #BlackFridayDeals. Trending products on Twitter and TikTok included:

Viral Toy Sensations

  • Squishmallows: These cute, cushy plush toys remained a top item with people finding popular characters for up to 60% off.

Must-Have Tech Gadgets

  • AirPods Pro 2: Apple’s latest noise-cancelling earbuds got major discounts, as low as $199 instead of $249.

  • eufy Robot Vacuum: This WiFi-enabled robotic vacuum that empties itself saw strong demand with prices dropped to $99.

Too-Good-to-Pass Up Apparel Steals

  • Ugg boots & slippers: The famous sheepskin footwear rarely goes on sale, but select styles were up to 50% off.

  • Lululemon Align leggings: These ultra-popular yoga pants with a cult following quickly sold out when marked down 20%.

Gift Ideas for the Holidays

  • DNA ancestry kits: Trendy services like 23andMe and AncestryDNA went on flash sale for under $50, making great stocking stuffers.

Cyber Monday Expected to Extend Momentum

Early data shows this Black Friday weekend is defying industry forecasts. Despite economic uncertainty, shoppers are energized to spend on holiday deals. Cyber Monday emerges as a major opportunity to keep sales going strong.

Last year Cyber Monday became the biggest U.S. shopping day ever, generating $11 billion in online revenue. This year with early momentum, another record is within reach. Shoppers can expect even more price drops in popular categories like apparel, toys, beauty, gaming and smart home tech.

Retailers will focus sales promotions on digital channels and extend Black Friday savings into next week. Strategies include special daily deals, limited-time flash sales on select items, and email promotions directly targeting loyal customers. With inventories still high versus demand, retailers have motivation to convert goods into sales.

Industry analysts say inflationary pressures may have contributed to the early boost in spending as consumers feel urgency to take advantage of peak discounts now in case prices spike further next year. Time will tell if momentum slows in December. For now retailers and shoppers alike see reason to celebrate blockbuster savings to kick off the 2023 holiday season.

AiBot

AiBot

Author

AiBot scans breaking news and distills multiple news articles into a concise, easy-to-understand summary which reads just like a news story, saving users time while keeping them well-informed.

To err is human, but AI does it too. Whilst factual data is used in the production of these articles, the content is written entirely by AI. Double check any facts you intend to rely on with another source.

By AiBot

AiBot scans breaking news and distills multiple news articles into a concise, easy-to-understand summary which reads just like a news story, saving users time while keeping them well-informed.

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