Online Black Friday sales in the US this year set a new record. So says Adobe Analytics. The event kicked off a solid start to the holiday shopping season despite inflation and other economic concerns.

This year’s Black Friday online sales were two per cent higher compared to last year, with electronics, smart home equipment, toys and exercise equipment providing the biggest boost. Americans are dipping into their savings accounts and racking up debt on credit cards to make purchases. Online shopping is expected to remain strong through Cyber Monday. US shoppers’ spending on Thanksgiving Day were up two per cent from a year ago. The holiday shopping season looks very different now than it once did. Instead of door buster deals on Black Friday, many retailers began their holiday sales in early fall. By spreading out their holiday deals online, retailers have reduced the draw of Black Friday. But shoppers are returning to many of their pre-pandemic routines and retailers expect a more typical holiday season than the last two years in the pandemic. Shoppers are once again expected to buy around key holidays like Black Friday and also buy later in the season. This year, inflation squeezed many shoppers’ budgets. Customers are pulling back on discretionary spending like furniture and electronics and are being more selective about what they buy.