GITNUXREPORT 2026

Black Friday Shopping Statistics

Online Black Friday sales continue breaking records with $9.8 billion spent in 2023.

Rajesh Patel

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Key Statistics

Statistic 1

In 2023, Black Friday online sales reached $9.8 billion, a 7.5% increase from $9.12 billion in 2022.

Statistic 2

Black Friday weekend 2022 saw total U.S. spending of $9.12 billion, surpassing pre-pandemic records.

Statistic 3

Cyber Monday 2023 online sales hit a record $12.4 billion, up 11.9% year-over-year.

Statistic 4

Total Black Friday 2023 spending including in-store reached $9.8 billion online alone, with estimates of $25 billion overall.

Statistic 5

In 2021, Black Friday sales totaled $8.9 billion online, a 21.7% jump from 2020.

Statistic 6

Average Black Friday spend per shopper in 2023 was $272.60, down slightly from $299 in 2022.

Statistic 7

Black Friday 2020 online sales exploded to $9 billion, up 22% due to pandemic shifts.

Statistic 8

U.S. Black Friday retail sales in 2022 generated $887 billion in holiday season context.

Statistic 9

Thanksgiving Day 2023 online sales hit $5.7 billion, a record high.

Statistic 10

Black Friday 2019 saw $7.4 billion in online sales, up 20% from 2018.

Statistic 11

Total holiday spending influenced by Black Friday 2023 estimated at $957.4 billion.

Statistic 12

Mobile commerce accounted for 50% of Black Friday 2023 online sales at $4.9 billion.

Statistic 13

Black Friday 2022 in-store sales estimated at $15.5 billion combined with online.

Statistic 14

Cyber Five 2023 (Thanksgiving to Cyber Monday) generated $37.3 billion online.

Statistic 15

Black Friday 2023 saw 181 million Americans shopping, spending average $311 per person.

Statistic 16

Online Black Friday sales growth averaged 20% annually from 2018-2023.

Statistic 17

Total U.S. e-commerce sales on Black Friday 2021 reached $8.99 billion.

Statistic 18

Black Friday 2023 apparel sales online hit $1.2 billion.

Statistic 19

Super Saturday 2023 pre-Black Friday boosted sales by 8%.

Statistic 20

Black Friday 2022 electronics sales totaled $4.5 billion online.

Statistic 21

Planned Black Friday spending in 2023 averaged $369.82 per household.

Statistic 22

Black Friday 2018 online sales were $6.22 billion, starting the record trend.

Statistic 23

Holiday retail sales post-Black Friday 2023 up 4% to $208.1 billion in November.

Statistic 24

Black Friday 2023 toys sales online reached $930 million.

Statistic 25

Average transaction value on Black Friday 2023 was $168.25 online.

Statistic 26

Black Friday weekend 2021 total sales $11.5 billion including stores.

Statistic 27

U.K. Black Friday 2023 sales hit £11.9 billion online.

Statistic 28

Black Friday 2023 home goods sales $1.1 billion online.

Statistic 29

Total Cyber Week 2023 sales $31.8 billion online in U.S.

Statistic 30

Black Friday 2022 average online order value $152.

Statistic 31

Black Friday 2023 in-store foot traffic down 5% to 115 million shoppers.

Statistic 32

Walmart stores saw 25 million visitors on Black Friday 2023.

Statistic 33

Target in-store Black Friday 2023 sales $12 billion.

Statistic 34

Best Buy physical stores Black Friday 2023 foot traffic 8.2 million.

Statistic 35

40% of Black Friday 2023 shoppers preferred in-store for trying products.

Statistic 36

Macy's stores reported 15% sales increase Black Friday 2023.

Statistic 37

Kohl's in-store Black Friday 2023 transactions up 10%.

Statistic 38

JCPenney Black Friday 2023 store sales $2.1 billion.

Statistic 39

Average in-store dwell time Black Friday 2023 was 28 minutes.

Statistic 40

Sears remaining stores saw 20% traffic drop Black Friday 2023.

Statistic 41

55 million used BOPIS (buy online pick up in-store) Black Friday 2023.

Statistic 42

Meijer stores Black Friday 2023 Midwest sales up 12%.

Statistic 43

In-store checkout lines averaged 7 minutes Black Friday 2023.

Statistic 44

Gap Inc. stores Black Friday 2023 apparel sales $900 million.

Statistic 45

32% of in-store shoppers cited immediate possession as reason 2023.

Statistic 46

HomeGoods stores Black Friday 2023 traffic 6.4 million.

Statistic 47

Self-checkout usage hit 60% in stores Black Friday 2023.

Statistic 48

Nordstrom rack Black Friday 2023 sales $1.2 billion in-store.

Statistic 49

Regional malls saw 18% decline in Black Friday 2023 visitors.

Statistic 50

Bass Pro Shops Black Friday 2023 hunting gear sales up 25%.

Statistic 51

In-store returns post-Black Friday 2023 averaged 15% of sales.

Statistic 52

Tractor Supply Co. Black Friday 2023 rural sales $750 million.

Statistic 53

45% of in-store Black Friday 2023 purchases were doorbusters.

Statistic 54

Petco stores Black Friday 2023 pet supplies $400 million.

Statistic 55

Outlet malls Black Friday 2023 sales up 8% to $5 billion.

Statistic 56

Toys R Us pop-ups Black Friday 2023 drew 2 million visitors.

Statistic 57

In-store electronics sales Black Friday 2023 $3.8 billion.

Statistic 58

Online Black Friday traffic in 2023 hit 13.4 billion visits U.S.

Statistic 59

Mobile devices drove 80% of Black Friday 2023 website visits.

Statistic 60

Amazon captured 38% of U.S. Black Friday online sales in 2023.

Statistic 61

Walmart.com saw 9.5 million visits on Black Friday 2023.

Statistic 62

Click-and-collect orders surged 25% on Black Friday 2023 online platforms.

Statistic 63

Social commerce sales on Black Friday 2023 reached $1.1 billion.

Statistic 64

Target.com Black Friday 2023 sales up 15% to $2 billion.

Statistic 65

2.3 billion app sessions recorded on Black Friday 2023 shopping apps.

Statistic 66

Best Buy online Black Friday 2023 revenue $3.1 billion.

Statistic 67

Voice shopping via Alexa grew 40% on Black Friday 2023.

Statistic 68

Macy's online Black Friday 2023 traffic up 22% year-over-year.

Statistic 69

Live-stream shopping generated $450 million on Black Friday 2023.

Statistic 70

Kohl's.com saw 4.8 million unique visitors on Black Friday 2023.

Statistic 71

Subscription service sign-ups increased 35% during Black Friday 2023 online.

Statistic 72

Nike.com Black Friday 2023 sales hit $800 million.

Statistic 73

Email marketing drove 28% of Black Friday 2023 online traffic.

Statistic 74

Etsy Black Friday 2023 handmade goods sales up 18%.

Statistic 75

Search traffic for "Black Friday deals" peaked at 5.2 million queries 2023.

Statistic 76

Apple.com Black Friday 2023 visits 12 million.

Statistic 77

Influencer-driven sales contributed $900 million online Black Friday 2023.

Statistic 78

Home Depot online Black Friday 2023 $1.4 billion in sales.

Statistic 79

Conversion rate for Black Friday 2023 online averaged 4.8%.

Statistic 80

Sephora.com Black Friday 2023 beauty sales $650 million.

Statistic 81

Paid search ads ROI on Black Friday 2023 hit 12:1.

Statistic 82

Wayfair Black Friday 2023 furniture sales $950 million online.

Statistic 83

Black Friday 2023 electronics category led with 28% of total sales.

Statistic 84

Apparel and clothing sales on Black Friday 2023 hit $1.2 billion online.

Statistic 85

Toys and video games generated $930 million online Black Friday 2023.

Statistic 86

Home and garden products sold $1.1 billion online Black Friday 2023.

Statistic 87

Sporting goods up 15% to $650 million Black Friday 2023 online.

Statistic 88

Beauty and personal care $720 million online sales Black Friday 2023.

Statistic 89

Furniture category grew 22% to $950 million Black Friday 2023.

Statistic 90

Books sales $320 million online during Black Friday 2023.

Statistic 91

Health and pharmacy products $480 million Black Friday 2023 online.

Statistic 92

Grocery and food up 30% to $550 million Black Friday 2023 online.

Statistic 93

Jewelry sales $410 million online Black Friday 2023.

Statistic 94

Auto parts category $280 million sales Black Friday 2023 online.

Statistic 95

Office supplies $190 million online Black Friday 2023.

Statistic 96

Shoes and accessories $510 million Black Friday 2023 online.

Statistic 97

TV and video sales $1.8 billion top category Black Friday 2023.

Statistic 98

Video games $420 million online Black Friday 2023.

Statistic 99

Dolls and toys $310 million Black Friday 2023 online sales.

Statistic 100

Kitchen appliances $580 million online Black Friday 2023.

Statistic 101

Smart home devices $670 million sales Black Friday 2023.

Statistic 102

Handbags $240 million online Black Friday 2023.

Statistic 103

Computers $890 million top electronics Black Friday 2023 online.

Statistic 104

Sheets and bedding $150 million Black Friday 2023 online.

Statistic 105

Tools $370 million online sales Black Friday 2023.

Statistic 106

Watches $220 million luxury Black Friday 2023 online.

Statistic 107

Baby products $290 million online Black Friday 2023.

Statistic 108

Pet supplies $360 million Black Friday 2023 online sales.

Statistic 109

Luggage $180 million travel category Black Friday 2023.

Statistic 110

Golf equipment $140 million sporting Black Friday 2023 online.

Statistic 111

Makeup $390 million beauty Black Friday 2023 online.

Statistic 112

Sofas $420 million furniture Black Friday 2023 online.

Statistic 113

76% of Black Friday 2023 shoppers spent as much or more than planned.

Statistic 114

181 million Americans shopped during Black Friday weekend 2023.

Statistic 115

Millennials made up 38% of Black Friday shoppers in 2023.

Statistic 116

55% of shoppers started Black Friday deals hunting before November in 2023.

Statistic 117

Women accounted for 54% of Black Friday in-store shoppers in 2022.

Statistic 118

Gen Z represented 25% of Black Friday online buyers in 2023.

Statistic 119

62% of shoppers used buy now pay later on Black Friday 2023.

Statistic 120

Average time spent shopping Black Friday online 2023 was 4.5 hours per person.

Statistic 121

48% of Black Friday 2023 shoppers were parents buying for kids.

Statistic 122

Urban shoppers spent 15% more on Black Friday 2022 than rural ones.

Statistic 123

70% of Black Friday shoppers in 2023 used smartphones to browse deals.

Statistic 124

Baby boomers comprised 18% of Black Friday 2023 participants.

Statistic 125

41% of shoppers impulse bought on Black Friday 2023.

Statistic 126

Hispanic consumers spent 20% more per capita on Black Friday 2022.

Statistic 127

65% of Black Friday 2023 shoppers compared prices across sites.

Statistic 128

Single shoppers outspent families by 12% on Black Friday 2021.

Statistic 129

52% of Black Friday shoppers in 2023 were repeat deal hunters from prior year.

Statistic 130

Men increased Black Friday spending by 10% in electronics in 2023.

Statistic 131

33% of shoppers aged 18-24 used social media for Black Friday deals 2023.

Statistic 132

Low-income households (<$50k) shopped Black Friday 2022 at 45% rate.

Statistic 133

57% of Black Friday 2023 shoppers avoided stores due to crowds.

Statistic 134

African American shoppers averaged $450 spend on Black Friday 2023.

Statistic 135

68% of shoppers used loyalty programs on Black Friday 2023.

Statistic 136

Suburban demographics dominated in-store Black Friday 2022 at 60%.

Statistic 137

49% of Black Friday 2023 shoppers were first-time online-only buyers.

Statistic 138

High-income (>$100k) shoppers made 28% of Black Friday luxury purchases 2023.

Statistic 139

61% of Black Friday shoppers in 2023 prioritized discounts over brand.

Statistic 140

44% of female shoppers focused on apparel during Black Friday 2022.

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Forget the crowded aisles and long lines, because the staggering $9.8 billion spent online this Black Friday proves the shopping frenzy has decisively shifted to our screens.

Key Takeaways

  • In 2023, Black Friday online sales reached $9.8 billion, a 7.5% increase from $9.12 billion in 2022.
  • Black Friday weekend 2022 saw total U.S. spending of $9.12 billion, surpassing pre-pandemic records.
  • Cyber Monday 2023 online sales hit a record $12.4 billion, up 11.9% year-over-year.
  • 76% of Black Friday 2023 shoppers spent as much or more than planned.
  • 181 million Americans shopped during Black Friday weekend 2023.
  • Millennials made up 38% of Black Friday shoppers in 2023.
  • Online Black Friday traffic in 2023 hit 13.4 billion visits U.S.
  • Mobile devices drove 80% of Black Friday 2023 website visits.
  • Amazon captured 38% of U.S. Black Friday online sales in 2023.
  • Black Friday 2023 in-store foot traffic down 5% to 115 million shoppers.
  • Walmart stores saw 25 million visitors on Black Friday 2023.
  • Target in-store Black Friday 2023 sales $12 billion.
  • Black Friday 2023 electronics category led with 28% of total sales.
  • Apparel and clothing sales on Black Friday 2023 hit $1.2 billion online.
  • Toys and video games generated $930 million online Black Friday 2023.

Online Black Friday sales continue breaking records with $9.8 billion spent in 2023.

Consumer Spending and Sales

  • In 2023, Black Friday online sales reached $9.8 billion, a 7.5% increase from $9.12 billion in 2022.
  • Black Friday weekend 2022 saw total U.S. spending of $9.12 billion, surpassing pre-pandemic records.
  • Cyber Monday 2023 online sales hit a record $12.4 billion, up 11.9% year-over-year.
  • Total Black Friday 2023 spending including in-store reached $9.8 billion online alone, with estimates of $25 billion overall.
  • In 2021, Black Friday sales totaled $8.9 billion online, a 21.7% jump from 2020.
  • Average Black Friday spend per shopper in 2023 was $272.60, down slightly from $299 in 2022.
  • Black Friday 2020 online sales exploded to $9 billion, up 22% due to pandemic shifts.
  • U.S. Black Friday retail sales in 2022 generated $887 billion in holiday season context.
  • Thanksgiving Day 2023 online sales hit $5.7 billion, a record high.
  • Black Friday 2019 saw $7.4 billion in online sales, up 20% from 2018.
  • Total holiday spending influenced by Black Friday 2023 estimated at $957.4 billion.
  • Mobile commerce accounted for 50% of Black Friday 2023 online sales at $4.9 billion.
  • Black Friday 2022 in-store sales estimated at $15.5 billion combined with online.
  • Cyber Five 2023 (Thanksgiving to Cyber Monday) generated $37.3 billion online.
  • Black Friday 2023 saw 181 million Americans shopping, spending average $311 per person.
  • Online Black Friday sales growth averaged 20% annually from 2018-2023.
  • Total U.S. e-commerce sales on Black Friday 2021 reached $8.99 billion.
  • Black Friday 2023 apparel sales online hit $1.2 billion.
  • Super Saturday 2023 pre-Black Friday boosted sales by 8%.
  • Black Friday 2022 electronics sales totaled $4.5 billion online.
  • Planned Black Friday spending in 2023 averaged $369.82 per household.
  • Black Friday 2018 online sales were $6.22 billion, starting the record trend.
  • Holiday retail sales post-Black Friday 2023 up 4% to $208.1 billion in November.
  • Black Friday 2023 toys sales online reached $930 million.
  • Average transaction value on Black Friday 2023 was $168.25 online.
  • Black Friday weekend 2021 total sales $11.5 billion including stores.
  • U.K. Black Friday 2023 sales hit £11.9 billion online.
  • Black Friday 2023 home goods sales $1.1 billion online.
  • Total Cyber Week 2023 sales $31.8 billion online in U.S.
  • Black Friday 2022 average online order value $152.

Consumer Spending and Sales Interpretation

Even as inflation pinches individual wallets, our collective online shopping carts have grown heavier each year, proving that when it comes to scoring a deal, Americans are a nation of disciplined discount hunters who diligently spread their record-breaking spending across an entire week.

In-Store Shopping Insights

  • Black Friday 2023 in-store foot traffic down 5% to 115 million shoppers.
  • Walmart stores saw 25 million visitors on Black Friday 2023.
  • Target in-store Black Friday 2023 sales $12 billion.
  • Best Buy physical stores Black Friday 2023 foot traffic 8.2 million.
  • 40% of Black Friday 2023 shoppers preferred in-store for trying products.
  • Macy's stores reported 15% sales increase Black Friday 2023.
  • Kohl's in-store Black Friday 2023 transactions up 10%.
  • JCPenney Black Friday 2023 store sales $2.1 billion.
  • Average in-store dwell time Black Friday 2023 was 28 minutes.
  • Sears remaining stores saw 20% traffic drop Black Friday 2023.
  • 55 million used BOPIS (buy online pick up in-store) Black Friday 2023.
  • Meijer stores Black Friday 2023 Midwest sales up 12%.
  • In-store checkout lines averaged 7 minutes Black Friday 2023.
  • Gap Inc. stores Black Friday 2023 apparel sales $900 million.
  • 32% of in-store shoppers cited immediate possession as reason 2023.
  • HomeGoods stores Black Friday 2023 traffic 6.4 million.
  • Self-checkout usage hit 60% in stores Black Friday 2023.
  • Nordstrom rack Black Friday 2023 sales $1.2 billion in-store.
  • Regional malls saw 18% decline in Black Friday 2023 visitors.
  • Bass Pro Shops Black Friday 2023 hunting gear sales up 25%.
  • In-store returns post-Black Friday 2023 averaged 15% of sales.
  • Tractor Supply Co. Black Friday 2023 rural sales $750 million.
  • 45% of in-store Black Friday 2023 purchases were doorbusters.
  • Petco stores Black Friday 2023 pet supplies $400 million.
  • Outlet malls Black Friday 2023 sales up 8% to $5 billion.
  • Toys R Us pop-ups Black Friday 2023 drew 2 million visitors.
  • In-store electronics sales Black Friday 2023 $3.8 billion.

In-Store Shopping Insights Interpretation

Despite an overall dip in foot traffic, the resilient Black Friday 2023 shopper proved they'll still brave the seven-minute lines to touch, try, and immediately possess their doorbusters, though they'd much rather grab them from a BOPIS counter and let a robot check them out.

Online Shopping Trends

  • Online Black Friday traffic in 2023 hit 13.4 billion visits U.S.
  • Mobile devices drove 80% of Black Friday 2023 website visits.
  • Amazon captured 38% of U.S. Black Friday online sales in 2023.
  • Walmart.com saw 9.5 million visits on Black Friday 2023.
  • Click-and-collect orders surged 25% on Black Friday 2023 online platforms.
  • Social commerce sales on Black Friday 2023 reached $1.1 billion.
  • Target.com Black Friday 2023 sales up 15% to $2 billion.
  • 2.3 billion app sessions recorded on Black Friday 2023 shopping apps.
  • Best Buy online Black Friday 2023 revenue $3.1 billion.
  • Voice shopping via Alexa grew 40% on Black Friday 2023.
  • Macy's online Black Friday 2023 traffic up 22% year-over-year.
  • Live-stream shopping generated $450 million on Black Friday 2023.
  • Kohl's.com saw 4.8 million unique visitors on Black Friday 2023.
  • Subscription service sign-ups increased 35% during Black Friday 2023 online.
  • Nike.com Black Friday 2023 sales hit $800 million.
  • Email marketing drove 28% of Black Friday 2023 online traffic.
  • Etsy Black Friday 2023 handmade goods sales up 18%.
  • Search traffic for "Black Friday deals" peaked at 5.2 million queries 2023.
  • Apple.com Black Friday 2023 visits 12 million.
  • Influencer-driven sales contributed $900 million online Black Friday 2023.
  • Home Depot online Black Friday 2023 $1.4 billion in sales.
  • Conversion rate for Black Friday 2023 online averaged 4.8%.
  • Sephora.com Black Friday 2023 beauty sales $650 million.
  • Paid search ads ROI on Black Friday 2023 hit 12:1.
  • Wayfair Black Friday 2023 furniture sales $950 million online.

Online Shopping Trends Interpretation

It was a day of digital delirium where the world, clutching its phones like lifelines, frantically fed the algorithm’s appetite, with Amazon reigning supreme as the undisputed king of a kingdom built on clicks, carts, and the collective urge to collect.

Product Category Performance

  • Black Friday 2023 electronics category led with 28% of total sales.
  • Apparel and clothing sales on Black Friday 2023 hit $1.2 billion online.
  • Toys and video games generated $930 million online Black Friday 2023.
  • Home and garden products sold $1.1 billion online Black Friday 2023.
  • Sporting goods up 15% to $650 million Black Friday 2023 online.
  • Beauty and personal care $720 million online sales Black Friday 2023.
  • Furniture category grew 22% to $950 million Black Friday 2023.
  • Books sales $320 million online during Black Friday 2023.
  • Health and pharmacy products $480 million Black Friday 2023 online.
  • Grocery and food up 30% to $550 million Black Friday 2023 online.
  • Jewelry sales $410 million online Black Friday 2023.
  • Auto parts category $280 million sales Black Friday 2023 online.
  • Office supplies $190 million online Black Friday 2023.
  • Shoes and accessories $510 million Black Friday 2023 online.
  • TV and video sales $1.8 billion top category Black Friday 2023.
  • Video games $420 million online Black Friday 2023.
  • Dolls and toys $310 million Black Friday 2023 online sales.
  • Kitchen appliances $580 million online Black Friday 2023.
  • Smart home devices $670 million sales Black Friday 2023.
  • Handbags $240 million online Black Friday 2023.
  • Computers $890 million top electronics Black Friday 2023 online.
  • Sheets and bedding $150 million Black Friday 2023 online.
  • Tools $370 million online sales Black Friday 2023.
  • Watches $220 million luxury Black Friday 2023 online.
  • Baby products $290 million online Black Friday 2023.
  • Pet supplies $360 million Black Friday 2023 online sales.
  • Luggage $180 million travel category Black Friday 2023.
  • Golf equipment $140 million sporting Black Friday 2023 online.
  • Makeup $390 million beauty Black Friday 2023 online.
  • Sofas $420 million furniture Black Friday 2023 online.

Product Category Performance Interpretation

Black Friday 2023 proved that while Americans were busy upgrading their TVs and computers to escape reality, they also spent a small fortune on sofas, groceries, and pet supplies to endure it.

Shopper Behavior and Demographics

  • 76% of Black Friday 2023 shoppers spent as much or more than planned.
  • 181 million Americans shopped during Black Friday weekend 2023.
  • Millennials made up 38% of Black Friday shoppers in 2023.
  • 55% of shoppers started Black Friday deals hunting before November in 2023.
  • Women accounted for 54% of Black Friday in-store shoppers in 2022.
  • Gen Z represented 25% of Black Friday online buyers in 2023.
  • 62% of shoppers used buy now pay later on Black Friday 2023.
  • Average time spent shopping Black Friday online 2023 was 4.5 hours per person.
  • 48% of Black Friday 2023 shoppers were parents buying for kids.
  • Urban shoppers spent 15% more on Black Friday 2022 than rural ones.
  • 70% of Black Friday shoppers in 2023 used smartphones to browse deals.
  • Baby boomers comprised 18% of Black Friday 2023 participants.
  • 41% of shoppers impulse bought on Black Friday 2023.
  • Hispanic consumers spent 20% more per capita on Black Friday 2022.
  • 65% of Black Friday 2023 shoppers compared prices across sites.
  • Single shoppers outspent families by 12% on Black Friday 2021.
  • 52% of Black Friday shoppers in 2023 were repeat deal hunters from prior year.
  • Men increased Black Friday spending by 10% in electronics in 2023.
  • 33% of shoppers aged 18-24 used social media for Black Friday deals 2023.
  • Low-income households (<$50k) shopped Black Friday 2022 at 45% rate.
  • 57% of Black Friday 2023 shoppers avoided stores due to crowds.
  • African American shoppers averaged $450 spend on Black Friday 2023.
  • 68% of shoppers used loyalty programs on Black Friday 2023.
  • Suburban demographics dominated in-store Black Friday 2022 at 60%.
  • 49% of Black Friday 2023 shoppers were first-time online-only buyers.
  • High-income (>$100k) shoppers made 28% of Black Friday luxury purchases 2023.
  • 61% of Black Friday shoppers in 2023 prioritized discounts over brand.
  • 44% of female shoppers focused on apparel during Black Friday 2022.

Shopper Behavior and Demographics Interpretation

The statistics paint a portrait of Black Friday as a national sporting event where 181 million Americans, armed with smartphones and buy-now-pay-later plans, meticulously train for months only to have 76% of them exceed their financial game plan in a glorious, discount-driven frenzy of strategic impulse.