Black Friday sales exceeded expectations, with shoppers spending heavily both online and in stores in a sign that Americans retain considerable purchasing power heading into the final stretch of the year.
Overall retail sales excluding automotive rose 4.1 percent from last year, according to Mastercard SpendingPulse, surpassing the prior year’s 3.4 percent growth and landing near the high end of forecasts. The data, which tracks both in-person and online transactions but isn’t adjusted for inflation, suggests the holiday shopping season is off to a robust start.
“It clearly shows that the consumer has the ability to spend,” Michelle Meyer, chief economist at the Mastercard Economics Institute, told Bloomberg News.
The strong performance across multiple channels underscores consumers’ willingness to open their wallets despite headwinds that had prompted caution among some forecasters. Online sales jumped 10.4 percent while in-store purchases rose 1.7 percent, according to Mastercard.
The enthusiastic crowds undermine the claims by the establishment media that Americans were anxious about the economy or would be deterred by persistent inflation from shopping
Strength was broad-based across categories. Apparel climbed 5.7 percent, with online sales up 6.1 percent and in-store purchases gaining 5.4 percent, according to the Mastercard Economics Institute, as chilly temperatures and seasonal deals drove spending on new fashions. Jewelry rose 2.75 percent as consumers opted for gifts, while restaurant sales grew 4.5 percent, the Mastercard data show, underscoring continued consumer appetite for experiences alongside goods.
Regionally, spending outperformed in New England, the Midwest and Southeast, the data indicate. Sales in New England and the Midwest got a boost from apparel purchases, likely supported by colder weather driving demand for cold-weather gear. The Southeast has shown persistent strength throughout the year, according to Mastercard.
Digital commerce continued to set records. Adobe Analytics reported U.S. consumers spent $11.8 billion online Friday, a 9.1 percent increase from last year. Combined with Thursday’s $6.4 billion in online Thanksgiving sales—itself a record—the data points to sustained momentum in e-commerce.
The spending surge comes as Americans hit the shops facing the lowest core inflation going into the holiday shopping season since 2020, potentially giving households more confidence in their purchasing decisions. From Nov. 1 through Nov. 23, U.S. consumers had already spent $79.7 billion online, up 7.5 percent from the prior year, according to Adobe Analytics.
Major retailers reported strong customer turnout. Mall of America in Bloomington, Minnesota, saw about 14,000 visitors enter within an hour of its 7 a.m. opening Friday, with customers lining up as early as 3 p.m. Thursday, according to the Associated Press.
“We are tracking one of our best Black Fridays ever,” Jill Renslow, the mall’s chief business development and marketing officer, told the Associated Press.
The National Retail Federation projects holiday sales will reach between $1.01 trillion and $1.02 trillion in November and December, which would mark the first time spending exceeded $1 trillion over the holiday season. The trade group forecasts growth of 3.7 percent to 4.2 percent for the period.
Electronics, video game consoles and home appliances were among the top-selling categories, according to Adobe. Shopping services powered by artificial intelligence and social media advertising influenced purchasing decisions, the firm said.
E-commerce platform Shopify reported its merchants generated $6.2 billion in sales worldwide on Black Friday, with sales hitting $5.1 million per minute at peak. Cosmetics and clothing were leading categories, the Canadian company said.
Software company Salesforce estimated Black Friday online sales totaled $18 billion in the U.S. and $79 billion globally, drawing from data across multiple retailers including grocers.
Target said an average of 150 shoppers lined up at its stores for complimentary gift bags, which the retailer gave to the first 100 customers at its 6 a.m. opening, according to the Associated Press. At Macy’s Herald Square flagship in New York, shoppers streamed in as the doors opened at 6 a.m.
Adobe Analytics expects the momentum to continue, projecting U.S. shoppers will spend $5.5 billion Saturday, $5.9 billion Sunday, and a record $14.2 billion on Cyber Monday.
The robust spending comes as a record 186.9 million Americans planned to shop from Thanksgiving through Cyber Monday, according to the National Retail Federation’s consumer survey conducted by Prosper Insights & Analytics—up from 183.4 million last year.
Meyer said consumers are “navigating an uncertain environment” this holiday season “by shopping early, leveraging promotions, and investing in wish-list items.”
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