Americans are spending more this holiday season -- like there's a burning Christmas tree and the only way to put it out is with money.
Black Friday shopping hit a record $9.2 billion online alone this year, according to Adobe Analytics, which tracks the top internet retailers in the United States.
The figure is an increase of 2.3% from last year, and beats the previous online Black Friday record of $9.03 billion set in 2020, Adobe said.
Early numbers also indicate shoppers spent a whopping $11.3 billion on Cyber Monday, Adobe reported. That's a 5.1% increase from the same day last year when $10.7 billion was spent.
About 166 million people shopped between Black Friday and Cyber Monday.
"This holiday season cycle is anything but typical," Jack Kleinhenz, chief economist for the National Retail Federation, said in a statement. "Despite record levels of inflation, rising interest rates and low levels of confidence, consumers have been steadfast in their spending and remain in the driver’s seat."
Adobe says the most popular items purchased on Black Friday were Xbox Series X, Bluey toys, Call of Duty: Modern Warfare II, drones and Macbooks, while the most popular items on Cyber Monday were Legos, PlayStation 5, Hot Wheels, Madden 23 and smart watches.
Analysts say it's no surprise online sales are booming. According to Deloitte, online retailers are a preferred outlet for consumers to spend their money, with online shopping making up 63% of holiday season spending.
With inflation still impacting holiday spending, many shoppers took advantage of "buy now pay later" services, which was up 78% this weekend compared to the week before Black Friday, Adobe said.
With a little less than a month until Christmas, analysts say the spending splurge will continue. The National Retail Federation predicts total holiday sales will range between $942.6 and $960.4 billion, up to 8% higher than last year.
"While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce," NRF President and CEO Matthew Shay said in a statement. "In the face of these challenges, many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season."
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