The big box retailer is dominating online searches for Black Friday discounts as of Friday morning, according to advertising technology company Captify, which tracks more than 1 billion searches a day from websites globally.
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Retailers are battling for shoppers’ eyeballs and wallets at a time when the holiday shopping season is expected to be more subdued than in years past. Americans are expected to pull back on their holiday shopping this year as sky-high inflation squeezes their spending power.
The National Retail Federation said it expects holiday sales during November and December to rise between 6% to 8% from last year, a decline when factoring in the effect of inflation. Online sales during the months of November and December are forecast to grow a meager 2.5% to $209.7 billion, compared with an 8.6% increase a year ago, according to Adobe Analytics.
Early signs show the season may not be as gloomy as predicted. Online sales climbed 2.9% year-over-year to $5.29 billion on Thanksgiving Day, Adobe Analytics said. That’s slightly higher than its estimates for growth during the overall holiday season.
Black Friday is expected to pull in $9 billion in online sales, a 1% jump from the previous year, according to Adobe.
Shopify merchants saw a solid start to the holiday period. Businesses who host their online stores on Shopify were raking in $1.52 million per minute on Thanksgiving Day, according to the company.