Black Friday online sales to hit record despite high inflation: Adobe Analytics
Black Friday online sales to hit record despite high inflation: Adobe Analytics
U.S. online spending is expected to set a record for Black Friday, according to Adobe Analytics, as steep discounts lured consumers against the backdrop of high inflation, kicking off the year's biggest shopping event on a strong note.
Initial numbers from Adobe Analytics, the data and insights arm of software company Adobe Inc, showed shoppers are expected to spend between $9 billion and $9.2 billion online on Friday, topping its forecast for a modest 1% rise to $9 billion.
As of 6 p.m. EST Friday, Adobe data showed shoppers spent an estimated $7.28 billion online.
"E-commerce demand has remained strong regardless, and Black Friday is set to surpass $9 billion in online sales for the first time, as consumers come to value the ease and convenience of shopping from home," said Vivek Pandya, lead analyst at Adobe Digital Insights.
"Some shoppers are returning to physical stores for Black Friday, after two years where pandemic-related anxieties kept many people at home," Pandya added.
Adobe Analytics, which measures e-commerce by tracking transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States.
Adobe's analysis covers over 1 trillion visits to retail websites; Adobe does not disclose the names of the company sites it tracks.
Early holiday deals, including a second Amazon Prime Day event in October, were expected to take some of the shine off the biggest shopping days of the year.
More Americans placed orders through their smartphones over the holiday, with mobile shopping expected to drive 53% of Black Friday online sales. Mobile orders accounted for 55% of online Thanksgiving sales.
Cyber Week, which runs five days from Thanksgiving to Cyber Monday, is expected to generate $34.8 billion in online spending, up 2.8% from the year-ago period, according to the report.
(Reporting by Deborah Sophia and Mrinmay Dey in Bengaluru; Editing by Anil D'Silva, Krishna Chandra Eluri and Leslie Adler)
Many Canadians have continued to see an increase in their rental rates in 2023. In an column on CTVNews.ca, personal finance contributor Christopher Liew explains how to calculate how much rent you can afford.
With the spring break travel season approaching, those looking to flee the cold, wet Canadian snow for sunnier skies will likely be met with a hefty price tag for their getaway, with inflation and increased demand pushing costs up.
When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exemption.
The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent. Here's a look at what the rate means, how analysts are interpreting it and what it could mean for consumers.
The federal government's latest TFSA contribution limit increase took effect as of January 1, 2023. Personal finance contributor Christopher Liew outlines how the government’s most recent TFSA contribution limit increase affects you and how to make the most of it.
Finding an affordable place to live in the territories, where housing has long been a challenge, is getting even harder, the Canada Mortgage and Housing Corporation suggested in a report released in December. In Yellowknife, the report said, the growing senior population, urbanization and strong labour market has pressured the housing supply.
Canada is suffering from a severe skills shortage in several key sectors, experts say, thanks to factors that include deficiencies in our education system as well as changing demographics. CTVNews.ca looks at some of the skills that will be most in-demand in 2023.
Bond portfolios took a beating in 2022 as interest rates climbed, but experts say investors shouldn't neglect bonds this year as the Bank of Canada nears the end of its rate hike cycle.
