Black Friday spending up 7.5% year over year

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Adobe Analytics reports a record-breaking surge in U.S. online shopping this Black Friday, with a 7.5% increase in e-commerce spending compared to last year, totaling $9.8 billion. This significant growth, despite last year's economic challenges marked by high gas and food prices, indicates a shift in consumer behavior towards more cost-effective online deals. However, the lingering effects of inflation and interest rates have made consumers more price-sensitive, leading to a 47% increase in 'Buy Now, Pay Later' sales, reaching $79 million. Popular purchases include electronics like smartwatches and TVs, along with toys and gaming products, while home-repair tools saw less interest.

2. Gen Z and millennials are increasingly turning to "house hacking" as a strategy to navigate the challenging housing market, where high prices and interest rates pose affordability issues. According to a Zillow report, 39% of recent homebuyers view renting out a part of their home as a crucial opportunity, an 8% increase over the past two years. This trend is particularly pronounced among younger generations, with over half of millennial and Gen Z homebuyers expressing interest in this approach. With the median house price in the U.S. at $413,874 as of October and mortgage rates hitting 8%, the highest in 23 years, house hacking offers a viable solution to offset the rising costs of homeownership.

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4. Headlines

   1. Wish, Disney’s new movie performed poorly at the box office, bringing in just $31.6M over the Thanksgiving weekend.

   2. Tesla’s manufacturing struggles with the Cybertruck have come largely from its need to work with the stainless steel exterior.

   _{* This is sponsored content.}

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