Bloomberg Talks: Shopify President Harley Finkelstein Talks Consumer Spending

Date: December 1, 2025
Host: Bloomberg
Guest: Harley Finkelstein, President of Shopify

Episode Overview

This episode features a timely conversation between Bloomberg hosts and Shopify President Harley Finkelstein, focused on consumer spending trends following a record-setting Black Friday. Finkelstein provides in-depth insights from Shopify’s vast dataset, addressing geographic shifts, cross-border commerce, the impact of AI on retail, and strategies merchants use to navigate economic uncertainties such as tariffs and inflation.

Key Discussion Points & Insights

Black Friday Results & Real-Time Data (00:25–01:47)

• Record-Breaking Sales:

  • Shopify stores saw $6.2 billion in sales on Black Friday 2025, up 25% from the previous year.
  • Peak sales hit $5.1 million per minute at noon on Black Friday, surpassing last year’s record of $4.6 million.
  • Around 70 million unique shoppers transacted on Shopify stores over the weekend.
  • Quote:

    “We saw $6.2 billion in sales for Black Friday. ... Peak sales of $5.1 million per minute ... just shy of 70 million unique shoppers buy from Shopify stores.”
    — Harley Finkelstein [00:57]

• Live Data Access:

  • Finkelstein highlighted Shopify's real-time tracking at bfcm.shop, showing $2.5 million in sales and 25,000 orders per minute at the time of recording.

Geographic Breakdowns & Product Trends (01:47–03:19)

• Top Markets:

  • Shopify powers 12% of US e-commerce; top countries for sales are the US, UK, Australia, Germany, and Canada.
  • Top cities: LA, New York, London; in the US, LA, New York, and San Francisco take the lead.

• Cross-Border Commerce:

  • 17% of orders were cross-border—delivered to a different country than origin.
  • Quote:

    “17% of orders were cross border orders so shipped to a different country as well.”
    — Harley Finkelstein [02:14]

• Trending Merchants & Products:

  • Notable Shopify successes:
    • Hatch (phone-free alarm clock, “Restore 3”)
    • Crunch Labs (kids’ monthly DIY subscription kits)
    • Brooklinen (super plush robe)
    • Béis (Weekender travel bag)
  • Shift in Consumer Priorities:
    • This year, home goods are outselling outdoor gifts, reversing 2024’s trends:

    “This year seems to be that home is really, you know, the winner here where people are buying things for their home—kitchen stuff, puzzles, blankets.”
    — Harley Finkelstein [02:57]

Cross-Border Trends & Brand Loyalty (03:19–04:22)

• Geographical Agnosticism:

  • The 17% cross-border statistic reflects consumers’ willingness to buy from favorite brands regardless of location.
  • Major DTC brands like Gymshark, AG1, Brunt Workwear saw record sales.

• Channel Agnosticism:

  • Consumers now discover and buy brands across platforms—from TikTok to AI chatbots to video games (e.g., Roblox).
  • Quote:

    “People shop brands, not channels. ... We’re almost living in sort of a post world channel where the consumers bounce from a TikTok video to an AI agent to a website to a store—even in video games like Roblox.”
    — Harley Finkelstein [03:54]

The Role of AI in Ecommerce (04:22–05:43)

• AI-Driven Traffic & Experiences:

  • Since January, AI-driven traffic to Shopify stores has surged 6x.
  • Shopify enables direct purchases within conversations on AI platforms (Perplexity, ChatGPT), creating seamless commerce without links or redirects.

• Merchant Empowerment with AI:

  • Shopify’s AI assistant, Sidekick, racked up over 100 million conversations, helping merchants with:

    • Design
    • Marketing copy
    • Analytics dashboards

  • Smaller merchants can now compete more effectively against large retailers.

  • Quote:

    “We've seen over 100 million conversations with Sidekick. ... So it's giving smaller merchants a real leg up against the bigger guys because this AI empowers them.”
    — Harley Finkelstein [05:24]

Tariffs, Inflation, and Consumer Value (05:43–06:50)

• Consumer Spend Resilience:

  • Despite inflation and tariffs, consumer confidence and spending remain strong ($2.5 million/minute at checkout during interview).

  • Shopify introduces tools to help merchants adapt to macroeconomic challenges, e.g., cross-border tariffs, shifting fulfillment logistics.

  • Quote:

    “Our focus is always the same, which is for merchants … Shopify merchants consistently outperform the overall and we’re seeing that—they have a lot of buyers right now.”
    — Harley Finkelstein [06:30]

Notable Quotes & Memorable Moments

• On Record-Breaking Sales:

  “We saw $6.2 billion in sales for Black Friday. ... Peak sales of $5.1 million per minute ... just shy of 70 million unique shoppers buy from Shopify stores.”
  — Harley Finkelstein [00:57]

• On Channel Agnosticism:

  "People shop brands, not channels. ... Even in video games like Roblox where Shopify powers commerce, the brand that really won the weekend made the experience feel the same everywhere they were."
  — Harley Finkelstein [03:54]

• On Empowering Merchants with AI:

  "We've seen over 100 million conversations with Sidekick. ... So it's giving smaller merchants a real leg up against the bigger guys because this AI empowers them."
  — Harley Finkelstein [05:24]

Timestamps for Important Segments

• Black Friday Results & Real-Time Data: 00:25–01:47
• Geographic Breakdowns & Product Trends: 01:47–03:19
• Cross-Border Trends & Brand Loyalty: 03:19–04:22
• The Role of AI in Ecommerce: 04:22–05:43
• Tariffs, Inflation, and Consumer Value: 05:43–06:50

Summary Takeaways

• 2025 marked the highest-grossing Black Friday Shopify has seen.
• Consumers are increasingly shopping across borders and channels, driven more by brand loyalty than by platform or location.
• AI is transforming both consumer experiences and merchant capabilities—smaller businesses have more tools than ever before.
• Home goods have become the top seller this season, reflecting shifts in consumer priorities.
• Despite macroeconomic headwinds and global uncertainty, consumer spending and merchant performance on Shopify remain strong.

This episode offers a compelling window into the evolving world of e-commerce, underscored by data and first-hand merchant accounts.