This year has seen record high sales on Black Friday, online and in-store. According to Demand Sage statistics, online sales alone reach a remarkable $10.8 billion.
This is a 10.2% increase compared to the previous year.
Shopify has also seen a remarkable outcome this year. Shopify merchants did a record-breaking $5B in sales.
According to Shopify’s president, Harley Finkelstein, sales were hitting $4.6 Million per minute at its peak.
“People are buying from the brands they love, which are powered by Shopify. We are living in a new golden age of retail,” he shared on LinkedIn.
Record spending on Black Friday, but what about Thanksgiving?
Thanksgiving saw a record-high spending of $6.1 billion this year. That’s an 8.9% increase from last year.
According to Adobe Business, Thanksgiving Eve saw $4.1 billion in sales. The driving force behind it? Major discounts, especially toys.
According to Demand Sage, Black Friday toy sales soared 178% compared to an average day in October.
Source: Adobe Business
Retail industry shift noticed during Black Friday shopping
“My takeaway is that we’re living in sort of this new golden age of retail,” says Finkelstein during an interview with NBC News.
“The best brands in the world are connected directly with their consumers.”
However, the interest to spend more is not only online, where it’s as easy as a click of a button, but also in-store.
Shopify has noticed that new startups that didn’t exist five years ago are making the most significant inroads during the festive shopping season.
Why are toys attracting shoppers?
There is a new kid on the blog trying to take a piece of the toy market. Shein and Temu are trying to get noticed for selling cheap and affordable toys online.
According to Reuters, Chinese e-commerce giants are expanding aggressively into the toy market and might give traditional retailers a run for their money.
READ MORE: Temu and Shein aim at the toy market
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
