You’re Paying More and Getting Less This Holiday Shopping Season

Americans showed up strong for Black Friday sales, but new data reveals an alarming trend: shoppers are shelling out more money while taking home less.

Retail spending rose again this year, with Mastercard reporting a 4.1% increase in Black Friday sales and Adobe Analytics showing online spending up more than 9%. It’s a solid performance on the surface — especially considering ongoing concerns about the cost of living and consumer confidence.

But Salesforce analysis shows those numbers hide a different reality. The amount of items purchased actually dropped, even as the average price per product climbed 7%. Order volume declined by 1% from last year, and shoppers bought 2% fewer items per transaction.

Analysts say this inflation at checkout is tied partly to historic import tariffs, which the Trump administration has raised to the highest levels since the 1930s. Categories most impacted — including furniture, electronics, and clothing — saw some of the steepest price jumps. Home goods alone surged 24% on Black Friday compared to last year.

Retailers are also noticing a widening gap between income levels. Higher-income shoppers are continuing to spend, particularly on luxury and home items, while many lower-income families are tightening budgets heading into the holidays.

Despite the pressure of higher prices, many consumers waited for the best possible deals — and they were rewarded. Steeper discounts late in the weekend helped push sales and order growth back into positive territory.

Retailers are now looking to Cyber Monday as another major spending day, with projections estimating more than $13 billion in online sales nationwide.

As holiday shopping continues, the question remains: will deep discounts be enough to offset shoppers’ frustration with sticker shock?

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