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Shoppers spend billions on Black Friday despite wider economic uncertainty

Published: 30 Nov. 2025, 12:55

People queue up outside the On sneaker store during Black Friday sales at Woodbury Common Premium Outlets, in Woodbury, New York, on Nov. 28. [REUTERS/YONHAP]

Despite wider economic uncertainty hovering above this year's holiday season, shoppers turned out in big numbers for Black Friday — spending billions of dollars both in stores and online.

Adobe Analytics, which tracks e-commerce, said U.S. consumers spent a record $11.8 billion online Friday, marking a 9.1 percent jump from last year. Traffic particularly piled up between the hours of 10 a.m. and 2 p.m. nationwide, when $12.5 million passed through online shopping carts every minute.

Consumers also spent a record $6.4 billion online on Thanksgiving Day, per Adobe. Top categories that saw an uptick in sales across both days included video game consoles, electronics and home appliances. Shopping services powered by artificial intelligence and social media advertising have also particularly influenced what consumers choose to buy, the firm said.

Meanwhile, software company Salesforce — which tracks digital spending from a range of retailers, including grocers — estimated that Black Friday online sales totaled $18 billion in the United States and $79 billion globally. And e-commerce platform Shopify said its merchants raked in a record $6.2 billion in sales worldwide on Black Friday. At its peak, sales reached $5.1 million per minute — with cosmetics and clothing among the top categories, according to the Canadian company.

Mastercard SpendingPulse, which tracks in-person and online spending, reported that overall Black Friday sales excluding automotive rose 4.1 percent from a year ago. The retail sales indicator, which is not adjusted for inflation, showed online sales jumped by double digits at 10.4 percent, while in-store purchases inched up 1.7 percent.

Michelle Meyer, chief economist at the Mastercard Economics Institute, said consumers are “navigating an uncertain environment” this holiday season “by shopping early, leveraging promotions and investing in wishlist items.”

Black Friday is far from the sales event that created midnight mall crowds or doorbuster mayhem just decades ago. More and more consumers have instead turned to online deals to make post-Thanksgiving purchases from the comfort of their own homes — or opt to stretch out spending across longer promotions now offered by retailers.

People shop during Black Friday deals at the Roosevelt Field mall in Garden City, New York, on Nov. 28. [REUTERS/YONHAP]

In-store traffic has dwindled over the years. Initial data from RetailNext, which measures real-time foot traffic in physical stores, found that U.S. Black Friday traffic fell 3.6 percent compared to 2024. Still, the firm noted that was “notably better” than a sharper 6.2 percent decline seen in the days leading up to Thanksgiving.

Sensormatic Solutions, which also tracks store traffic, found that in-store retail visits dipped 2.1 percent — but said that was in line with expectations and trends already seen this year. Traffic over the week of Black Friday was up nearly 57 percent compared to the week prior, per Sensormatic.

“Black Friday has really turned into like a full week event, or even further,” said Grant Gustafson, head of retail consulting and analytics at Sensormatic Solutions. And “Black Friday is really the start of just a really and critical stretch for retailers,” he added — noting that the weekend following Thanksgiving, as well as the days leading up to Christmas next month, will also be some of the busiest in terms of in-store traffic.

Meanwhile, in terms of e-commerce, Adobe expects U.S. shoppers to spend another $5.5 billion Saturday and $5.9 billion on Sunday — before reaching an estimated $14.2 billion peak on Cyber Monday, which would mark yet another record.

Still, rising prices could be contributing to some of those numbers. U.S. President Donald Trump’s barrage of tariffs on foreign imports has strained businesses and households alike over the last year. And despite spending more overall, Salesforce found U.S. shoppers purchased fewer items at checkout on Black Friday, down 2 percent from last year. Order volumes also slipped 1 percent, the firm noted, as average selling prices climbed 7 percent.

A clothing store advertises a Black Friday sale in New York on Nov. 28. [EPA/YONHAP]

This year’s holiday spending rush arrives amid heightened economic uncertainty for consumers. Beyond tariffs, workers across public and private sectors are also struggling with anxieties over job security — amid both corporate layoffs and the aftereffects of the 43-day government shutdown.

An uptick in budget-conscious behavior can also be seen in store traffic. While Sensormatic doesn’t track spending, “we do track consumer footsteps,” Gustafson notes — and “consumers are thinking a little bit harder about their purchases” this year, he explains, “to make sure that they’re getting their very best deals.”

For the November-December holiday season overall, the National Retail Federation estimates U.S. shoppers will spend more than $1 trillion for the first time this year. But the rate of growth is slowing — with an anticipated increase of 3.7 percent to 4.2 percent year over year, compared to 4.3 percent in 2024’s holiday season.

At the same time, credit card debt and delinquencies on other short-term loans have been rising. And more and more shoppers are turning to “buy now, pay later” plans, which allow them to delay payments on holiday decor, gifts and other items.

AP