Online spending through 6:30 p.m. ET (11:30 GMT) rose 9.4% compared with last year, Adobe reported. The firm, which analyzes e-commerce transactions covering more than 1 trillion visits to U.S. retail websites, said the trend reflects a cautious consumer base amid persistent inflation, economic uncertainty, and a soft labor market.
While stores were expected to be crowded in the post-Thanksgiving morning rush, bargain-hunting was subdued, as shoppers appeared mindful of overspending.
Despite the slow start, Adobe expects Black Friday online sales to reach between $11.7 billion and $11.9 billion, potentially setting a new record. The firm also projects that Saturday’s online spending will hit $5.5 billion, up 3.8% from last year, and Sunday will see $5.9 billion, a 5.4% increase, as retailers continue offering strong discounts.
Cyber Monday is expected to remain the busiest online shopping day of the season, with projected spending of $14.2 billion, a 6.3% rise from last year.
Adobe had earlier forecast that Black Friday online sales would grow 8.3% to $11.7 billion, signaling that U.S. holiday e-commerce continues to expand, albeit at a slower pace than previous years.