2019 Black Friday and Cyber Monday Spending Up In Stores and Online
With Thanksgiving Day falling later in November this year, 2019’s relatively shorter peak holiday shopping period kicked off with strong Black Friday and Cyber Monday spending by U.S. consumers.
J.P. Morgan Merchant Services’ combined in-store and e-commerce payment authorization volume for Black Friday increased 22.3 percent over 2018 Black Friday volume. On Cyber Monday, J.P. Morgan processed 26.5 percent more e-commerce payment authorizations than on Cyber Monday in 2018.
According to Adobe, shoppers in the U.S. spent a total of $7.4 billion online on Black Friday, a 19.6 percent increase over 2018. On Cyber Monday, Adobe estimated online sales reached $9.4 billion, up 18.9 percent from the prior year.
A study conducted by PYMNTS.com indicates Black Friday spending was up across income and age brackets compared with 2018, with Millennials contributing the largest increase in spending.
The terms Black Friday and Cyber Monday may soon become outdated as retailers work to their digital and physical strengths. In addition to increasing e-commerce transaction volumes, online and mobile technology complements brick and mortar stores through omnichannel shopping experiences such as ‘buy online and pickup in store’.
Interestingly, J.P. Morgan’s peak authorization processing velocity — measured by the maximum number of authorizations processed in one second — achieved some of its highest points for 2018 during the week before Christmas. We’ll be monitoring the ‘last-minute shopper’ effect again this year.
With annual processing volume exceeding $1.3 trillion, J.P. Morgan is the payments engine for both small businesses and Fortune 500 companies. Our team of data scientists analyze aggregated and de-identified payments data to enable actionable insights for our clients to optimize payment and business performance – from maximizing approval rates to helping merchants grow their business with insights into customer behaviors.