US eCommerce sales over the Thanksgiving and Black Friday shopping period were softer year-over-year but beat expectations, according to Oppenheimer researchers who cited data from Adobe Inc (NASDAQ:ADBE), Mastercard Inc (NYSE:MA), Shopify Inc (TSX:SH., NYSE:SHOP) and Salesforce Inc (NYSE:CRM, XETRA:FOO).
Adobe reported online spending rose 5.3% on Thanksgiving compared to a year earlier, slightly above expectations for 4.9%.
Black Friday eCommerce sales increased 9.1% year over year, topping an 8.3% forecast.
Mastercard SpendingPulse data showed Black Friday eCommerce up 10%, compared with a 2% rise in-store and against last year’s 15% online growth.
Shopify merchants saw gross merchandise volume climb 25% year over year, or 22% excluding currency effects, improving on 22% growth a year earlier.
Salesforce recorded more muted gains, with Thanksgiving and Black Friday online sales both up 3% year-over-year, compared with 8% and 7% in 2024.
“While results were better than expected, this indicates the impact of inflation on the consumer,” Oppenheimer wrote.
The analysts also highlighted ongoing share gains for Amazon and online retail more broadly, which they view as a positive trend for the digital advertising sector.