Consumers spent record amounts online over the holiday period, marking the biggest digital spend on Thanksgiving Day and Black Friday despite broader economic concerns ahead of the weekend.

Consultancy firm Deloitte ahead of Thanksgiving found that consumers intended to rein in spending amid inflation and affordability issues, with expectations of the first drop in year-over-year spending since tracking began in 2020.

However, Adobe Analytics, which tracks e-commerce, found that consumers hit a record spend on both Thanksgiving and Black Friday - though it remains to be seen if overall spending throughout the weekend follows the same trend or not.

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