Black Friday’s Big Online Surge Masks a More Cautious Consumer

Thanksgiving and Black Friday delivered another year of strong e-commerce momentum, with online spending up sharply even as in-store traffic continued to lack the old early-morning frenzy. Adobe Analytics reported that U.S. shoppers spent $6.4 billion online on Thanksgiving (up 5.3%) and $8.6 billion online on Black Friday by early evening, on pace to hit a record $11.7–$11.9 billion by the end of the day. Yet behind the headline growth is a more complicated consumer story: shoppers are leaning harder on promotional codes, social-driven discount discovery, and highly selective spending patterns shaped by inflation and a softening labor market.