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.
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