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Total US Black Friday spending in stores and online rose 3.4% year-over-year, data shows
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Total US Black Friday spending in stores and online rose 3.4% year-over-year, data shows
Nov 30, 2024 11:03 AM

Nov 30 (Reuters) -

Total

Black Friday

U.S. retail sales online and in stores rose 3.4%

year-over-year as shoppers snapped up merchandise the day after

U.S. Thanksgiving, according to preliminary estimates by

payments processor Mastercard.

Black Friday U.S. e-commerce retail sales increased by

14.6%year-over-year as consumers shopped for deals online, while

in-store sales increased by 0.7%, according to Mastercard

SpendingPulse, a metric measuring U.S. retail sales across the

Mastercard payments network combined with estimates for cash and

check payments.

Black Friday kicked off the holiday shopping season for

retailers and competition has intensified to win shoppers

seeking discounts.

Shopper Corey Coscioni, 58, looked for bargains online

as well as in Chicago-area stores on Friday, seeking "gifts for

everyone: my wife, my daughter, and myself." His stops included

Bloomingdale's, Macy's and Anthropologie. "While we're

waiting in line, I'll be shopping."

Spending during the holiday season overall, from November 1

through December 24, is expected to be up 3.2% year-over-year,

according to earlier estimates from Mastercard SpendingPulse.

SpendingPulse excludes automotive sales and is not adjusted for

inflation.

"Black Friday was a good indicator of how the holiday

season is positively shaping up," said Michelle Meyer, chief

economist, Mastercard Economics Institute.

Department store chains such as Macy's and Kohl's

, as well as big-box retailer Target ( TGT ), could see

muted sales this season, which is shorter with only 26 days

between Thanksgiving and Christmas.

Sales at Best Buy ( BBY ) and Target ( TGT ) on Friday were

relatively flat year-over-year, according to data firm Facteus,

which analyzes swipes of consumer credit and debit cards to

measure shifts in spending patterns.

U.S. shoppers made more purchases online from mobile phones,

laptops, desktops and other devices, a trend that potentially

favors e-commerce giants such as Amazon.com ( AMZN ) and Walmart ( WMT )

. Walmart ( WMT ), which operates 4,700 U.S. stores, has invested

heavily in store-to-home deliveries for the holiday season to

boost e-commerce.

E-commerce retailers including Shein, PDD's Temu,

and TikTok Shop, of Beijing-based ByteDance's TikTok social

media platform, also showed strong growth in sales in the seven

days through Friday, compared to a year earlier, Facteus said.

An updated tally from Adobe Inc ( ADBE ) on Saturday showed that

Americans made roughly $10.8 billion in online purchases on

Friday, up 10.2% from a year earlier. Top-selling merchandise

online included makeup, skincare and haircare products, as well

as bluetooth speakers and espresso machines, according to its

Adobe Analytics tally. Adobe keeps track of devices that use its

software to help power more than 1 trillion visits to U.S.

retail sites.

Separately, Salesforce ( CRM ), a cloud-based software company that

tracks a different array of online spending categories, said

online sales in the U.S. rose 7% on Friday to $17.5 billion,

according to its own updated tally on Saturday. Salesforce ( CRM ),

which analyzed the activity of more than 1.5 billion global

shoppers, said shoppers bought more home appliances and

furniture.

Because the estimates aren't adjusted for inflation,

higher prices account for at least some of the spending growth.

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