However, customers are still saving more money on clothing, electronics and other items this Black Friday as they return to stores in person and continue to spend online.
Black Friday sales were up 29.8 percent from a year ago, according to an estimate as of 3 p.m. ET from Mastercard, which tracks payment data in stores and online, excluding sales. car sales. E-commerce sales grew 10.6% year over year, while in-store sales grew 42.9%.
“Retail spending has increased throughout the day, and it speaks to the strength of consumers,” said Steve Sadove, senior advisor at Mastercard. “We anticipate a positive holiday season beyond Black Friday.”
Clothing sales led the way, up 86.4% on Black Friday from a year ago when shoppers were mostly at home and didn’t have much reason to stock up on their wardrobes.
This year, retailers bet on a strong holiday season.
NRF predicts federal stimulus payments to households and households since the start of the pandemic savings rates, and rising wages are expected to boost consumer demand in holiday season, NRF predicts.
Retailers began their holiday deals in October to try to spread out the holiday season. They did this in part to prevent massive demand on Black Friday and Cyber Monday, which can strain stores and logistics networks.
Chains also encourages shoppers to buy early and avoid waiting in case the product they want sells out. Retailers have navigated high demand from consumers, as well as delays and stock shortages due to ongoing supply chain barriers.
Deborah Weinswig, CEO of retail research and consulting firm Coresight Research, visited stores in Boston and Providence Friday. Out-of-stock items get the most attention in basic furniture and clothing such as denim jeans, underwear, underwear and socks, she said in a report.