American shoppers broke spending records during Black Friday 2025, but the numbers reveal a troubling reality: consumers paid more to buy less as inflation and tariffs continued to erode purchasing power.
Online sales reached $11.8 billion on Black Friday, marking a 9.1% increase from 2024, according to Adobe Analytics. Consumers spent $6.4 billion on Thanksgiving Day, and combined with Black Friday, the figures initially suggested robust consumer confidence. But a closer examination of transaction data tells a different story.
Order volumes dropped 1% year-over-year, while the number of items consumers purchased per transaction fell 2%, according to Salesforce data. Average selling prices climbed 7% across categories, meaning shoppers paid significantly more while taking home fewer products.
The disconnect between dollar amounts and actual purchasing reflects ongoing cost pressures facing American households. With baseline inflation running at 3%, the nominal spending increase of 9.1% translates to roughly 6% growth in real terms — but even that figure doesn’t account for reduced transaction volumes.
The data indicate that price inflation, rather than increased consumption, drove the record sales figures. The trend points to a consumer base stretching budgets to maintain holiday traditions rather than increasing their actual purchases.
The Trump administration imposed tariffs on foreign imports throughout 2025, contributing substantially to price increases, particularly in discretionary categories including electronics, toys, and home appliances — traditionally popular Black Friday items. Retailers passed these costs directly to consumers, who faced limited options for finding lower-priced alternatives.
The spending patterns also revealed growing economic inequality. High-income consumers drove much of the sales growth, particularly in luxury categories, while low and middle-income shoppers pulled back. Data from the Federal Reserve’s recent Beige Book showed consumer spending declining among these segments even as affluent buyers maintained their purchasing levels.
And then there’s the issue of credit. Adobe projects consumers will spend $20.2 billion using “buy now, pay later” services between November and December, an 11% increase from 2024. The rise in deferred payment options suggests many shoppers are financing purchases they cannot immediately afford.
Physical store traffic fell 3.6% from 2024 levels, according to RetailNext, which tracks in-store visits. Consumers increasingly concentrated their spending online and spread purchases across longer promotional periods rather than focusing on a single shopping day.
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