According to Adobe Analytics, shoppers spent a record $5.29 billion this Thanksgiving — a figure that’s up 2.9% year over year.
Adobe Analytics’ record spending report may surprise some given the economy is at levels of inflation not seen in the past 40 years and amid lingering recession fears.
According to Adobe Analytics, big discounts on toys and electronics lured. Mobile shopping — purchases made through smartphones — accounted for 55% of online sales, a record for Thanksgiving Day since 2012.
Shoppers pick up televisions and other Black Friday deals at a Wal-Mart in Dunwoody, Georgia on November 25, 2022.
Jessica McGowan/Getty Images
Black Friday, which takes place the day after Thanksgiving and is believed to kick off the holiday shopping season, is expected to bring in $9 million online on Friday.
Big discounts on toys, computers and electronics are expected. Notable discounts are expected for clothing, appliances and televisions, but Adobe predicts the best deals for these categories will come over the weekend.
Best-selling items in the Christmas season 2022
Top-selling toys so far include Squishmallows, Roblox, Paw Patrol, Hot Wheels, Cocomelon, and LOL Surprise Dolls.
Some of the top gaming consoles sold to date include the Nintendo Switch, Xbox Series X, and PlayStation 5.
The most popular video games include God of War Ragnarok, FIFA 23, Madden 23 and Call of Duty: Modern Warfare II.
Other big sellers are mostly technology: Apple Airpods, Instapots, smart TVs, digital cameras and gift cards.
Holiday spending despite economic uncertainty
Days before the 2022 midterm elections, about half of Americans said either the economy or inflation was the most important issue in their vote for Congress, which was by far the most dominant issue on finance, according to an ABC News/Ipsos poll.
Although there have been a number of layoffs at tech companies recently, the job market remains fairly resilient. While the number of monthly job additions has declined in the second half of this year, it remains strong, keeping the unemployment rate below 4%.