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US "Black friday" sales provides the following interesting data:
- Online sales grew by +14.6% year-over-year*;
- Sales at stores grew by +0.7% year-over-year*. Adjusted for inflation, this means that sales in stores were actually lower than in 2023;
- Mobile shopping represented about 59% of online sales**;
* Mastercard estimates
** Adobe estimates
The bottom line:
1) US consumer spending remains solid;
2) However, consumer spending habits continue to change. From physical shops to online, from online to mobile. Ultimately, most shopping will be done through AR/VR (virtual reality/ augmented reality) devices such as Meta Quest.3) Online sales provide companies with an opportunity to improve margins due to lower costs (less wages, lower rent, less theft).
We expect many retail jobs to be replaced over the next five years as retail goes fully AR/VR and AI powered sale assistants will help consumers make their choices 24/24 and 7/7.
