Even with US inflation…the reason Black Friday online sales were recorded as ’12 trillion’

Online shopping sales this year on ‘Black Friday’, the biggest shopping event in the US, recorded a record 12 trillion won. Black Friday is the day after Thanksgiving, the fourth Thursday of November each year.

According to a survey by Adobe Analytics, a marketing data analysis solution, online shopping sales in the United States on Black Friday on the 25th reached 9.12 billion dollars, recording 12.2 trillion won in Korean currency. This is a 2.3% increase from the previous year, and is the first time it has passed the $9 billion mark.

In particular, it was found that sales of electronic devices increased significantly during Black Friday this year. According to the survey, online sales of electronic devices jumped 221% compared to the daily average last month. In addition, toys and sports equipment increased by 285% and 218%, respectively, recording high growth.

Online shopping sales also increased compared to last year. According to ‘Sensormatic Solutions’, an offline store sales research agency, offline store sales increased by 2.9% compared to the same period last year. With Black Friday, US consumers’ online and offline wallets are wide open.

This increase is a result that is contrary to previous expectations. Although the rate of increase in the consumer price index (CPI) in the US has slowed slightly recently in the industry, it is expected that consumption will continue to contract even on Black Friday as high inflation has continued since the start, with a 9.1% surge in June. In addition, as large companies held discount events before the 25th, sales were scattered, and sales on the day of Black Friday were expected to be low.

In fact, Walmart and Macy’s department stores in the United States started selling discounts from the 7th, and Best Buy also started selling discounts from the 20th, 5 days before Black Friday.

Black Friday online shopping sales in the US hit a record high. [사진 게티이미지뱅크]

Then, what is the reason why the wallets of American consumers do not close despite the rising prices? Experts explain that ‘explosive use’ of consumers who have been waiting for discounts has appeared. Kim Dae-jong, a professor at Sejong University (Department of Business Administration), said, “Inflation has risen in the United States, but national GDP has risen and national wealth continues to grow, so many consumers have large amounts of capital and spending power.” It’s to unleash the latent spending power in the face of Black Friday,” he explained.

The average discount rate on Black Friday in the US this year is around 30%, which is 2% higher than last year’s average discount rate. Concerned that the consumption contraction would continue into next year, companies encouraged frozen consumption by setting a relatively high discount rate even given the drop in profits.

The increase in the number of people familiar with online shopping after Corona 19 also contributed to boosting sales. Regarding the all-time online shopping sales record this year, Vivek Pandya, senior analyst at Adobe Analytics, explained, “The strong sales of online shopping on Black Friday have been driven by consumer interest in the convenience of shopping at home after Corona 19.”

As year-end consumption unexpectedly increased, the US Federal Reserve (Fed) is expected to continue raising its benchmark interest rate. Professor Kim said, “The US Fed wants to lower the consumer price index by 2%.”” he said.

Reporter Yejin Rae rayejin@edaily.co.kr