Thanksgiving sales overcome inflation gloom, hit record $5.3 billion- report By Reuters

© Reuters. People shop at Macy’s Herald Square during Black Friday sales in New York City, U.S., November 25, 2022. REUTERS/Brendan McDermid

(Reuters) – U.S. shoppers spent nearly 3% more online on Thanksgiving Day this year, a report showed, as consumers kicked off the year’s biggest shopping event on a strong note and eased worries of a lackluster holiday season.

Adobe (NASDAQ:) Analytics on Friday said Thanksgiving sales hit a record $5.29 billion, even as inflation worries and holiday deals starting as early as October were expected to lead to a 1% decline.

Shoppers weathered the strain put on their household budgets by higher costs of everything from food to rent and continued to spend big heading into the holidays, lured by steep discounts for everything from toys to electronic gadgets.

Products such as strollers, speakers and outdoor grills flew off the shelves, the report said, with more shoppers taking to placing orders through their smartphones. Mobile shopping drove 55% of online Thanksgiving sales.

Black Friday is expected to bring in $9 billion from online sales, a modest increase of 1% from last year, with shoppers now flocking to brick-and-mortar stores after a pandemic-led pause over the last two years.

Adobe Analytics’ analysis measures consumer transactions online covering over 1 trillion visits to U.S. retail websites.

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