Online sales this Black Friday nearly reached $10 billion

This year’s Black Friday sales in America are setting new records. According to reports, Americans spent a record $9.8 billion, which is 7.5% more than last year.

According to reports, Americans spent a record $9.8 billion on Black Friday this year.

For businesses concerned about a drop in holiday shopping, the sales increase — 7.5% over the previous year — is encouraging, according to a report published on Sunday by Bloomberg News, which cited Adobe Analytics data.

The demand for gadgets, including TVs, smartwatches, and audio equipment, helped drive the surge in sales, according to the research. Customers were also assisted by buy now pay later (BNPL) alternatives, whose usage increased by 72% from the week prior to Thanksgiving.

This is consistent with projections predicting that this month's BNPL spending will total $9.3 billion.

Customers are adopting BNPL because to its affordability and as a substitute for high-interest credit card debt, even with rising costs and persistent inflation. However, even if it can help those in need, it can also have disadvantages.

In the meantime, Mastercard revealed data indicating that in-store sales increased 1.1% and e-commerce sales increased 8.5% year over year.

Additionally, Bloomberg cites different Salesforce data that indicates a 9% growth in U.S. internet sales over the previous year. Salesforce does, however, also project that online sales will increase by 1% in the days preceding Cyber Monday compared to 2022 — the lowest percentage in at least five years.

Reports state that although shoppers will probably spend less this holiday season, they won't cut out on gifts.