American consumers demonstrated continued digital spending power, shelling out $11.8 billion online during Black Friday sales this year, according to data from Adobe Analytics. This marks a new record, signaling a shift in how shoppers approach the traditional kickoff to the holiday season. The figures provide an early glimpse into the overall health of retail spending and offer insights into emerging trends like the influence of artificial intelligence and the ongoing impact of inflation.
The $11.8 billion spend represents a 9% increase from the $10.8 billion recorded on Black Friday in 2023, Adobe reports. Peak spending occurred between 10 a.m. and 2 p.m. local time, with shoppers spending approximately $12.5 million per minute during that period. This surge in online activity underscores the convenience and accessibility driving consumer behavior during major shopping events.
Black Friday 2024: Online Sales Set a New Record
Several factors contributed to the strong Black Friday performance. The continued growth of e-commerce is a major component, with more retailers investing in their online platforms and offering exclusive deals to online shoppers. Furthermore, concerns about economic uncertainty may be leading consumers to seek out early discounts and compare prices more diligently online.
Adobe projects even higher spending for Cyber Monday, estimating $14.2 billion in online sales on December 1st. This continued focus on digital channels suggests a lasting change in shopping habits, accelerated by the pandemic and now reinforced by convenience and deal-seeking behavior. This projection aligns with historical trends that show Cyber Monday often surpasses Black Friday in online revenue.
Broader Holiday Spending Outlook
The Black Friday data is closely watched as a barometer for the entire holiday shopping season. Adobe’s current forecast anticipates total holiday spending will reach $253.4 billion, an increase from the $241.1 billion spent during the same period in 2023. However, this overall increase doesn’t tell the full story of consumer behavior.
Salesforce, another leading analytics firm, reported $79 billion in global Black Friday spending, with $18 billion originating in the United States; these figures represent 6% and 3% year-over-year increases, respectively. But Salesforce also indicated that average prices rose by 7% while order volumes decreased by 1%. This suggests that many retailers opted to maintain or slightly increase prices, rather than deep discounting, relying on the inflationary environment to drive revenue growth.
The Growing Role of AI in Retail
Both Adobe and Salesforce highlighted the increasing influence of Artificial Intelligence (AI) on holiday shopping. According to Salesforce, AI tools and agents contributed to $22 billion in global sales between Thanksgiving and Black Friday. This encompasses a wide range of applications, from personalized product recommendations to chatbot customer service.
The specific ways AI is impacting sales are still evolving. The ability of AI to analyze consumer data and tailor offers in real-time is demonstrably impacting conversion rates. However, quantifying the precise contributions of AI remains challenging, as its influence is often integrated into broader marketing and sales strategies.
In-Store vs. Online Traffic: A Mixed Picture
While online sales surged, the situation in brick-and-mortar stores presented a more ambiguous picture. RetailNext reported a nationwide decrease of 3.4% in in-store traffic. This could be attributed both to the rise of online shopping and persistent economic concerns.
Meanwhile, data from Pass_by revealed an overall increase in foot traffic of 1.17%, with a more significant 7.9% rise in department stores. This suggests that larger retailers with attractive Black Friday promotions were still able to draw customers into physical locations. The diverging data indicates varied performance across different retail segments – a trend likely to continue throughout the holiday season. This holiday sales season has shown a definite shift.
The varying results signify that shoppers are more discerning now, prioritizing value and convenience in equal measure. This is impacting where and how they choose to spend their money, contributing to a dynamic retail landscape. More people are engaging in online shopping and utilizing technology to make informed decisions.
Looking ahead, the performance of Cyber Monday will be crucial in confirming the overall strength of consumer spending. Continued monitoring of price trends, order volumes, and the impact of AI will be essential for understanding the long-term effects of these shifts. Analysts will also be closely observing whether the in-store traffic slump persists or whether retailers can successfully lure shoppers back to physical locations with targeted promotions and experiences. The ultimate success of the 2024 retail sales period will rely on the interplay of these factors.
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