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So… was Black Friday 2022 a success? Here is a breakdown

While most Consumers are excited for the holidays, with continuing high inflation (+7.7% Oct 2022 vs Oct 2021), they are expected to be more deliberate in what they buy.


Picture: WSJ - PHOTO: KENA BETANCUR/GETTY IMAGES


1. This year’s overall Black Friday sales grew vs last year, although some $ growth is due to higher prices.

  • A record 196.7 million Americans shopped in stores and online from Thanksgiving Day through Cyber Monday, up +17 million from 2021 [NRF]

  • Shoppers spent an average of $325.44 on holiday purchases up +8% from 2021 [NRF]

  • Retail sales between Thanksgiving and this past Sunday rose +10.9% vs 2021 [Mastercard SpendingPulse]


2. Holiday Sales started much earlier driven by both Consumers and Retailers:

  • Consumers are worried prices will rise in the holidays and last year’s inventory issues may persist – they want to ensure they get what they need in time

  • Retailers want to offload high inventory of items people are now less interested in and know it will be competitive market with high inflation continuing.

  • 56% of shoppers took advantage of early holiday sales before Thanksgiving; 24% before Nov. 16 and 36% week leading up to Thanksgiving (Nov. 16-23). [NRF]

3. Brick and mortar sales grew as people came back to stores (COVID restrained in 2021)

  • More than 122.7 million people visited bricks-and-mortar stores over the weekend, up +17% from 2021 [NRF]

4. Digital sales grew but at a slower pace as more consumers shifted to in-store and buying earlier

  • 130.2 million shopped online, +2% increase over 2021 [NRF]

  • Online sales grew vs same days in 2021: Black Friday +2.3% to $9.12 billion, Thanksgiving +2.9% to $5.3B, Cyber Monday still biggest day for online spending annually, grew +5.8% to $11.3B [Adobe Analytics]

5. Many product categories, had deeper discounts on Cyber Monday vs last year

  • Mostly those with high inventory, including toys, computers, appliances and apparel [Adobe]

  • Top sellers included Pokémon cards, Legos, and Hot Wheels among toys, Apple MacBooks and AirPods among tech items, smart TVs and air fryers [Adobe]


6. What's next?

  • NRF forecasts Holiday (Nov 1 to Dec 31) retail sales will grow 6% to 8% over 2021 to between $942.6 billion and $960.4 billion.

  • “On average, consumers say they are almost halfway (47%) done with their holiday shopping … leaving plenty of room for additional purchases in the remaining weeks of the year.” [NRF]


More Insights:


WSJ: Black Friday Weekend Drew Millions of Shoppers Back to Stores Nov 29, 2022 article



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