Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Black Friday shoppers in Belarus on Nov. 29. Photo: Natalia Fedosenko\TASS via Getty Images
Americans spent a record $7.4 billion in online purchases this Black Friday, AP reports.
The big picture: Strong consumer spending has largely acted as the U.S. economy's backbone for the past two quarters and most of 2018. October's Q4 retail sales figures indicated solid, albeit slightly cautious, consumers.
What's next: Adobe Analytics expects Cyber Monday's online sales to hit $9.4 billion and break another all-time record, per AP.
- Meanwhile, brick-and-mortar retailers saw a 2.1% drop in traffic on Friday compared to last year, according to RetailNext.
Go deeper: Consumers are picking up the lagging business sector's slack