Americans spending more for the holidays despite dour economic views

MGN

Americans may not be feeling jolly about their economic prospects, but that didn’t stop shoppers from opening their wallets on Black Friday and driving spending to new records. Despite record holiday sales, however, other signs suggest consumers are getting a smaller bang for their buck because of rising inflation and stingier seasonal discounts.

Consumers spent a combined $11.8 billion online on Nov. 28 during the shopping blitz, a 9.1% jump from last year, Adobe Analytics said. Including in-store sales, Americans spent 4.1% more on Black Friday than a year earlier, according to Mastercard SpendingPulse.

Purchases on Cyber Monday are also expected to be strong, with Adobe forecasting shoppers will spend a record $14.2 billion online today, which would amount to a more than 6% jump