Wednesday, December 21, 2022

Black Friday online sales hit all-time high of $9 billion

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LOS ANGELES (KABC) — It seems people went shopping this weekend and didn’t hold back. Black Friday online sales hit an all-time high of $9 billion.

And there were also a lot of people shopping in person.

“I think we’re probably still seeing a lot of that pent-up demand from the frustrations of the pandemic, and people are just happy to be back to normal,” said Cristel Russell of Pepperdine Graziadio Business School.

At Classic Toys on Ventura Boulevard we found Lisa Stark buying some gifts.

“This business is fabulous, but it’s also an independent business and I wanted to support independent businesses,” says Stark.

Black Friday store traffic increased 2.9% year over year, according to Sensormatic Solutions. Visits to stores on Thanksgiving Day increased by 19.7%.

Consumers are now going online for Cyber ​​Monday to get more discounts on gifts and other items that have skyrocketed in price due to high inflation.

Adobe Analytics, which tracks transactions for top online retailers, predicts that Cyber ​​Monday will remain the biggest online shopping day of the year, bringing in up to $11.6 billion in sales.

Some analysts believe that the amount of items consumers buy could remain flat or even decrease compared to previous years. And profit margins are expected to be tight for retailers offering deeper discounts to attract price-conscious consumers and clear their bloated inventories.

The Associated Press contributed to this report.

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