Americans spent heavily on Black Friday despite inflation, tariff worries, and a softening job market, delivering the strongest online sales growth in years and modest gains in physical stores.
Online spending surged to $11.8 billion on Black Friday, up 9.1% from 2023, while Thanksgiving online sales hit $6.4 billion, according to Adobe Analytics.
Mastercard SpendingPulse reported even stronger numbers: Black Friday e-commerce rose 10.4% and in-store sales increased 1.7%, with apparel and jewelry leading categories as retailers slashed prices.
“Black Friday remains the most significant shopping day of the holiday season,” said Chip West, retail expert at RR Donnelley, even as promotions now stretch across November.
Shoppers proved highly selective, favoring discounts and “trading down” to off-price chains. Discount retailers like TJX (TJ Maxx, Marshalls), Ross Stores, and Burlington saw heavy traffic and shoppers leaving with full bags, according to analysts at Kearney and foot-traffic firm Placer.ai.
Top-selling items on Shopify-powered stores included vitamins, T-shirts, and skin-care products rather than big-ticket electronics.
The spending spike offers a bright spot amid broader economic concerns:
- Consumer confidence has wavered with still-elevated prices and flattening incomes
- September retail sales rose only 0.2% month-over-month, missing forecasts
- Economists are watching holiday sales as a gauge of consumer resilience during tariff uncertainty and labor-market cooling
Analysts caution that one strong weekend does not guarantee a robust season. “Value continues to be the centerpiece,” said Brian McCarthy of Deloitte Consulting. “Black Friday-Cyber Monday promotions are an easy way for shoppers to capture those deals.”
Early data suggests bargain-hunting consumers are willing to spend — but only when the price feels right.
U.S. shoppers are projected to shatter records on Cyber Monday with $14.2 billion in online spending—a 6.3% increase from 2024's $13.3 billion—fueled by deep discounts on tech, apparel, and beauty, even as inflation and tariffs squeeze budgets.