Categories Retail, U.S. Markets News

Cyber Monday extends record-breaking retail sales streak

Following record-breaking sales during Thanksgiving Day and Black Friday, Cyber Monday was welcomed with an equally enthusiastic response. According to Adobe Insights, $7.9 billion worth of online sales took place during Monday, which is around 20% jump from last year.

Over a quarter of the online spending, $2.2 billion, was made through smartphones on Cyber Monday. Spending through mobile devices jumped over 55% compared to the same day last year, Adobe Insights data reveals.

Black friday shopping trends
Photo by Anna Dziubinska on Unsplash

Low unemployment rates and high consumer confidence is likely to have contributed to the increase in shopping activity this holiday season. Meanwhile, traffic declines in brick-and-mortar stores continued through Cyber Monday as well.

All major retailers who have made reasonable investments to upgrade their digital channels seem to have benefited during the three shopping days, though Amazon (AMZN) continues to be a dominant player, according to a report by Edison Trends.

This comes on the heels of a 24% rise in Black Friday online sales to $6.22bn.

Seven retail sales trends from the Black Friday week

Meanwhile, the challenge for retailers for the rest of the holiday season would be clearing inventories without resorting to discounts that hurt margins. Retail analysts will be closely tracking the discounts offered by various retailers to make a rough sketch of their warehouse health.

Retail stocks, which have been hit hard by lackluster earnings a month ago, are slowly recovering, riding on the record-breaking earnings season. While Gap (GAP) and Macy’s (M) have gained about 2% since Friday, Best Buy (BBY) has jumped over 4%.


Follow our Google News edition to get the latest stock market, earnings, and financial news at your fingertips

Most Popular

GameStop (GME) Earnings: Q1 loss narrows on 25% sales growth

Video game retailer GameStop Corp. (NYSE: GME), which has become the talk of the town after the unprecedented stock rally in recent weeks, reported a narrower loss for the first

Should you invest in Steel Dynamics (STLD) stock after 78% rally?

The steel industry managed to shrug off the pandemic blues earlier than expected as the recovery in industrial activity pushed up demand. With the vaccination drive and the government’s aggressive

Campbell Soup (CPB) Q3 Earnings: Key financials and quarterly highlights

Campbell Soup Company (NYSE: CPB) reported third-quarter 2021 earnings results today. Net sales decreased 11% year-over-year to $1.98 billion, as a result of lapping the demand surge at the onset

Add Comment
Viewing Highlight