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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