Despite proliferating economic uncertainty, online sales have surged with an impressive increase during Black Friday, while in-store purchases have also maintained steadiness.
What Happened: According to the data from Mastercard Spending Pulse, the upswing in online sales, marking an 8.5% year-on-year increase, echoed consumers’ inclination to sidestep crowded stores in favor of digital deals.
See Also: Shopify Merchants Smash Records with Black Friday Bonanza
However, the resilience of in-store purchases cannot be overlooked.
Amidst the digital boom, brick-and-mortar stores managed a commendable 1.1% year-on-year growth.
“Consumers are also shopping smarter, using all of their tools – from searching across channels to cross checking on apps and websites – to maximize value while they spend time with friends and family,” said Steve Sadove, senior advisor for Mastercard.
Why It’s Important: Previously, it was reported that online expenditures on Black Friday soared to a historic $9.8 billion, marking a 7.5% surge from the last year.
Moreover, Cyber Monday is forecasted to reach an unprecedented $12 billion in sales, casting a substantial 5.4% year-over-year increase.
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Read Next: Discount Retailers Hold Black Friday Potential As Recession Looms
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