Black Friday jewelrysales surge with record-breaking e-commerce performanceas it proved to be a stellar day for the jewelry sector, as per initial data releases.
Adobe Analytics reported a staggering 114% year-on-year increase in online sales within the jewelry segment on November 24, setting a robust tone for the shopping day.
The impressive momentum contributed to an e-commerce spending surge of 7.5% across all categories, reaching a record $9.8 billion and surpassing the predicted $9.6 billion.
The success wasn't confined to the jewelry sector alone, with other industries, including electronics, apparel, and toys, also delivering strong performances on Black Friday.
Overall sales on Thanksgiving rose by 5.5%, hitting a record $5.6 billion, in line with Adobe's earlier forecast.
A separate report from Mastercard SpendingPulse provided insights into combined online and in-store sales on Black Friday.
It indicated a 2.5% year-on-year rise, with in-store revenues increasing by 1.1% from the previous year. Simultaneously, Mastercard estimated a significant 8.5% surge in e-commerce sales.
Steve Sadove, senior adviser at Mastercard, emphasized consumers' adept navigation of the holiday season.
He noted that shoppers are capitalizing on holiday promotions and expressed a preference for tangible gifts, contributing to the prominence of jewelry and apparel as top gift sectors during the day.
Consumers are navigating the holiday season well and taking advantage of holiday promotions, giving them ample choice as they hunt for gifts for everyone on their list.- Mastercard senior adviser Steve Sadove
While experiential gifts have been the popular choice the past few years, consumers continue to search for something to unwrap for the holidays, with jewelry and apparel being the top gift sectors of the day.- Mastercard senior adviser Steve Sadove
Looking ahead, Adobe expects online sales to maintain their strength through the remainder of the holiday weekend.
Predictions include sales of $4.8 billion on Small BusinessSaturday (November 25) and a further $5.2 billion on Sunday.
Cyber Monday, anticipated as the biggest shopping day of the year, is forecast to see a 5.4% year-on-year increase in sales, reaching a record $12 billion.
Online sales for the five-day period from Thanksgiving to Cyber Monday are estimated to increase by 5.4% year over year to reach $37.2 billion.
This period is projected to represent 17% of the total sales for the holiday season, underscoring the growing influence of e-commerce in shaping consumer preferences and contributing to the success of the jewelry sector during key shopping events.
The jewelry sector experienced a significant increase in e-commerce sales on Black Friday, with online sales jumping 114% YoY, contributing to a record $9.8 billion in spending across all categories.
Other industries, including electronics and apparel, also thrived, with jewelry and apparel being the top gift sectors.
As the holiday weekend progresses, online sales are expected to continue, with Cyber Monday projected to be the highlight, with a 5.4% YoY increase to reach a record $12 billion.
The five-day period from Thanksgiving to Cyber Monday is estimated to see a 5.4% YoY rise in online sales.