ADVFN Logo
Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

Black Friday Retail Sales Rise 2.5%

Bruno T
Latest News
November 27 2023 11:39PM

According to Mastercard SpendingPulse, Black Friday retail sales in the United States saw an increase this year, building upon the double-digit growth observed in 2022. The report from this payments technology company, which tracks retail sales both in physical stores and online across various payment methods, revealed that on Friday, November 24, U.S. retail sales, excluding automotive and not accounting for inflation, grew by 2.5 percent compared to the previous year.

E-commerce sales experienced an 8.5 percent increase from the previous year, as consumers increasingly turned to online shopping to secure deals and avoid crowded stores. In-store sales also saw a modest rise of 1.1 percent compared to the previous year.

The top items on consumers’ shopping lists for this traditional shopping day were Jewelry and Apparel. Additionally, the Restaurant sector continued its growth as people gathered with friends and family to enjoy shared meals during the holiday season.

In contrast, department store sales and sales of Furniture and Furnishings lagged behind other sectors compared to 2022. Furthermore, there were several sporting events televised on Black Friday.

Black Friday marked the beginning of the holiday shopping season, followed by Cyber Monday, the largest online shopping event of the year, during which retailers offered a plethora of deals and opportunities for consumers to save.

Retailers had started their Black Friday sales early in the month, providing consumers with ample time to search for the best deals and promotions. Steve Sadove, a senior advisor for Mastercard and former CEO and Chairman of Saks Inc., commented, “Consumers are successfully navigating the holiday season and taking advantage of holiday promotions. They are also shopping wisely, utilizing all available tools, from cross-channel searches to app and website comparisons, to maximize value while spending quality time with friends and family.”