Thanksgiving shopping weekend sees drop in online spending and shoppers’ participation

Online spending and buyer engagement throughout Cyber ​​Week, from Thanksgiving to Cyber ​​Monday, has declined year over year, but the holiday season remains on track as data shows shoppers started holiday shopping early due to supply chain issues.

Adobe ADBE,
-2.57%
data shows the five-day period resulted in $ 33.9 billion in online spending, down 1.4% year-over-year.

Cyber ​​Monday ended the day with $ 10.7 billion in online sales, also down 1.4% from the previous year. Despite the drop, it is still the biggest online shopping day of the year.

Thanksgiving Day sales were flat at $ 5.1 billion, and Black Friday sales ended at $ 8.9 billion after $ 9 billion in sales in 2020.

See: Cyber ​​Monday is set to be the biggest online shopping day of the year, but could still be short of last year’s total

“With the first October offers, consumers weren’t expecting discounts on big shopping days like Cyber ​​Monday and Black Friday,” Taylor Schreiner, director of Adobe Digital Insights, said in a statement. . “This has been fueled by a growing awareness of supply chain challenges and product availability. “

Online sales from November 1 to 29 were up 11.9% from a year ago, reaching $ 109.8 billion.

Data from the National Retail Federation also showed a decline in the number of shoppers who participated in the five-day shopping extravaganza, with 179.8 million unique shoppers going online or in physical stores, down from 186. , 4 million buyers in 2020. In 2019, this figure was 189.6 million.

The number of shoppers in stores reached 104.9 million, up from 92.3 million in 2020.

The trade group says the average buyer spent $ 301.27 compared to $ 311.75 in 2020.

Even with the declines, NRF chief executive Matt Shay remained optimistic during a media call. The organization is maintaining expectations for the final shopping season tally to be between $ 843.4 billion and $ 859 billion, up 8.5-10.5 percent from 2020.

“[W]e remain in somewhat uncharted territory, ”Shay said on the call. Still, he said CEOs expressed a high level of confidence in the holiday season in conversations.

Also: U.S. consumer confidence drops to 9-month low due to inflation and Covid concerns

Numerator data shows that Amazon.com Inc AMZN,
-1.53%.
was the big winner on Black Friday, with 17.7% of overall sales that day. The research company found that 54% of shoppers had almost or completely finished their holiday shopping before the calendar reached Cyber ​​Monday.

Amazon said Black Friday and Cyber ​​Monday broke records with items like Apple AAPL,
+ 3.16%
The company’s best-selling AirPods and Echo Dot. For the season to date, Olaplex OLPX,
+ 0.75%
No. 7 Bonding Oil, board games like Monopoly and Candy Land, both Hasbro HAS,
-2.24%
items, and holiday decor items were popular.

The SPDR S&P Retail ETF XRT,
-2.78%
has gained 45% for the year to date. Amplify IBUY online retail ETF,
-2.95%
is down 14.6%. And the benchmark S&P 500 SPX,
-1.90%
gained 22.1% over the period.


Source link

Comments are closed.