U.S. Black Friday online sales hit record $9 bln despite high inflation- Adobe Analytics

[libertybele]

U.S. Black Friday online sales hit record $9 bln despite high inflation- Adobe Analytics

 U.S. shoppers spent a record $9.12 billion online this Black Friday, a report showed on Saturday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys.

Online spending rose 2.3% on Black Friday, Adobe Inc's (ADBE.O) data and insights arm Adobe Analytics said, thanks to consumers holding out for discounts until the traditionally big shopping days, despite deals starting as early as October.

Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States..................

https://www.reuters.com/business/retail-consumer/adobe-says-black-friday-online-sales-hit-record-9-bln-2022-11-26/

[DB]

Is that 2.3% adjusted for inflation???

If it hasn't then spending is down at least 5%.

[GtHawk]

Is that 2.3% adjusted for inflation???

If it hasn't then spending is down at least 5%.

That was my thought, despite inflation or because of inflation? Of course there will always be those that charge huge debt to their credit cards and give either no thought to the future or with the intention of skipping paying by declaring bankruptcy.

[Wingnut]

It was reported lots more online purchase came from CC than debit cards.  Not a good sign.

[roamer_1]

It was reported lots more online purchase came from CC than debit cards.  Not a good sign.

Oh I don't know... I seldom use my actual bank account online. Just to pay utilities and the odd Instacart. Better to use something a step or two removed from actual money - A credit card or paypal, etc.

[libertybele]

It was reported lots more online purchase came from CC than debit cards.  Not a good sign.

Well, it depends I guess how you look at it, credit cards at least offer some sort of fraud protection. Or you can look at it as people are using credit in lieu of available funds. 

Either way this economy stinks.

[DB]

I only use a credit card online, never a debt card.

[Right_in_Virginia]

"CBS reports Americans spent more than $9 billion online on Black Friday.  "Due to soaring inflation, many spent more — but received less."  (Video)

https://mobile.twitter.com/RNCResearch/status/1596898673446617090

[Kamaji]

It was reported lots more online purchase came from CC than debit cards.  Not a good sign.

Why is that a bad thing?   There’s more protection for CC fraud than for debit card fraud, so it makes more sense to use a CC rather than a DC. 

[DB]

Why is that a bad thing?   There’s more protection for CC fraud than for debit card fraud, so it makes more sense to use a CC rather than a DC.

The primary difference is any fraud on a debt card comes straight out of your bank account when it happens. It could clean you out. You have to file a dispute with the bank to get your money back and it will take time to get resolved while you are out the money and perhaps unable to pay your bills. With a credit card the money is paid against a credit account and you don't normally end up paying anything if reported in a timely manner.

[GtHawk]

I think the discussion over CC versus debit card and fraud issues misses the mark that a lot of people using CC will not be able to pay them off due to sky high interest rates and inflation, to me that is the reason CC are more dangerous to use than debit cards. I believe we will see soaring bankruptcy rates in the coming years. I am actually glad that my past and continuing financial situation makes me unable to get a credit card, it has forced me to plan purchases rather than make emotional ones. I grant you that having a credit card for emergencies is nice and maybe sometime in the future I might qualify for one, but to use it to make regular purchase for non necessities? never again.