Despite inflation eating into people’s wallets and financial markets off their highs people still spent a record $9.12 billion on Black Friday (11/25/22), with electronics driving most of the growth.
Sales for Black Friday rose 2.3% from last year’s record highs.
Purchases of electronics soared by 221% compared to an average day in October, smart home items jumped 271%, and audio items jumped 230%.
But this record number comes with a catch that has to do with the times we are living in. Purchases made with the popular new buy now, pay later option jumped 78% when compared to the week before Black Friday, meaning people purchased more Black Friday goods on credit.
How can we serve you? We invite you to contact us today so we can help answer any questions you may have about your financial situation.
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