Black Friday is traditionally recognized as one of the busiest shopping days in the United States, regularly resulting in millions, if not billions, of dollars’ worth of consumer purchases. The tradition continued as Black Friday consumer spending online this year achieved a record $11.8 billion.
The structure of that spending has changed in recent years as American consumers have pivoted from brick-and-mortar stores and malls to online shopping. Amid economic uncertainty and alleged affordability concerns, initial projections for consumer spending during the holiday season in the U.S. were projected to be more modest than in years past.
For example, Tom Arnold, a finance professor at the University of Richmond, projected spending this holiday season not to be “as good a holiday season as it has been in previous years.”
“On an inflation-adjusted look, I don’t think it’s going to be as good a holiday season as it has been in previous years, and that it will be more heavily weighted towards the wealthier consumer spending, rather than the middle- and lower-income consumer,” Arnold told the Washington Examiner before Thanksgiving.
Also, in September, a PricewaterhouseCoopers survey projected a 5.3% decrease in holiday spending in 2025. They claimed the steepest drop in holiday spending since the COVID-19 pandemic.
“Consumers are approaching holiday purchases more deliberately, deciding what matters most, where to scale back, and what feels worth the splurge,” said PwC officials.
There’s still approximately a month left for holiday shopping. It remains to be seen if projections of decreased spending will come to fruition. However, early returns suggest otherwise.
IN-STORE BLACK FRIDAY CROWDS UNDERWHELM AS ONLINE SHOPPING SURGES
But it wasn’t just on Black Friday that Americans spent money. A day before the “busiest shopping day of the year,” consumers purchased a record $6.4 billion online on Thanksgiving Day, reported Fox Business. Additionally, spending during the Thanksgiving weekend reportedly increased by 5.3% compared to the same period last year, the last year of the Joe Biden presidency.
Among this year’s top purchases have been Apple AirPods, KitchenAid mixers, LEGO toys, and gaming devices such as the Nintendo Switch and PlayStation 5, according to Fox Business.
