US Spending Hits New Record High on "Black Friday"

American consumers set a new spending record this Black Friday, reaffirming the enduring power of big holiday discounts even amid persistent inflation and economic uncertainty.

Final data shows a mixed picture: higher overall spending, but fewer items per basket compared with previous years, a sign that shoppers are still cautious despite aggressive promotions.

According to data from Adobe Analytics, online spending on Black Friday reached $11.8 billion, up 9.1% from last year and marking the highest figure ever recorded for the shopping event.

Adobe’s estimates draw on more than one trillion retail website visits in the United States, making its readings one of the most accurate gauges of holiday consumer behavior.

The company expects spending to reach $5.5 billion on Saturday and $5.9 billion on Sunday, representing increases of 3.8% and 5.4% year over year. The momentum signals that consumer appetite remains strong throughout the extended holiday weekend.

Salesforce provided far higher estimates, reporting that U.S. consumers spent $18 billion online on Black Friday alone, a 3% increase from last year. Its data shows that luxury fashion and accessories were among the most in-demand categories, underscoring stable spending among higher-income shoppers.

However, both Adobe and Salesforce highlight a key trend: despite higher overall spending, the number of items per transaction has dropped, reflecting the pressure of elevated prices and income uncertainty.

Foot traffic in physical stores appeared normal but without the massive lines that once defined Black Friday. Many shoppers said they were wary of over-spending as inflation, trade policy uncertainty, and labor-market jitters continue to influence household decisions.

This dual behavior, enthusiasm tempered by caution, has become a defining feature of U.S. holiday shopping seasons over the past two years.

Despite a strong Black Friday showing, Cyber Monday remains the biggest U.S. e-commerce event. Adobe forecasts that spending on Cyber Monday will hit $14.2 billion, up 6.3% from last year, maintaining its status as the largest online shopping day in America.

Economists say part of this year’s spending reflects the so-called “Lipstick Index,” a concept popularized by Estée Lauder heir Leonard Lauder in the early 2000s. The idea suggests that in periods of economic stress, consumers shift from big-ticket items to small, affordable luxuries, such as lipstick, perfumes, and cosmetics.

In an environment where many Americans struggle to afford homes, cars, or travel, it makes sense that shoppers are gravitating toward “affordable indulgences” that offer an emotional boost without a heavy financial burden.

This trend aligns with Salesforce data showing stronger sales in luxury fashion and accessories despite slower spending on larger goods.

While not scientifically definitive, the Lipstick Index remains a useful indicator of the emotional side of consumer behavior. It highlights how spending patterns during periods of volatility often reveal shifts too subtle for traditional economic data to capture.

This year’s Black Friday figures underscore that story: Americans are still spending, but they’re choosing carefully, favoring small rewards in a climate of persistent inflation and financial uncertainty.