Americans may not be feeling jolly about their economic prospects, but that didn't stop shoppers from opening their wallets on Black Friday and driving spending to new records . Despite record holiday sales, however, other signs suggest consumers are getting a smaller bang for their buck because of rising inflation and stingier seasonal discounts.

Consumers spent a combined $11.8 billion online on Nov. 28 during the shopping blitz, a 9.1% jump from last year, Adobe Analytics said. Including in-store sales, Americans spent 4.1% more on Black Friday than a year earlier, according to Mastercard SpendingPulse.

Purchases on Cyber Monday are also expected to be strong, with Adobe forecasting shoppers will spend a record $14.2 billion online today, which would amount to a more than

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