A retail trade group estimates that people who shopped both online and in stores from Thanksgiving to Cyber Monday spent more than those who picked one or the other. More tellingly, over 64 million people bought online and in person, underscoring the fact that retailers need to do both well to be successful today - especially because those consumers spent more money than those who only shopped online or in-store. Multichannel shoppers were the biggest spenders over the weekend, spending on average $49 more than those who shopped in-store only and $82 more than those who shopped online only. Based on Adobe Analytics data, a record $6.59 billion was spent online by the end of Cyber Monday, an increase of 16.8% year over year, making it the largest online shopping day in history and almost a billion dollars more than last year at $5.6 billion.
Three days after bringing in $5.03 billion online on Black Friday, retailers outdid themselves once again, reeling in a record $6.59 billion on Cyber Monday - 16.8% growth year-over-year.
Sales on "Cyber Monday", begun in 2005, have grown to the point that online sales are an important part of overall sales at the start of the holiday shopping season.More news: Missing 3-year-old girl was abducted from her bed, police say
Retailing for $299.99 across online retailers, Adobe's Digital Insights Initiatives reveals that the Nintendo Switch became Black Friday 2017's best-selling product online throughout all online retailers' available product sections. "At the end of the day, a sale is a sale is a sale, whether it happens in-store or online", he said. NRF also reports that retail-tainment was also a big trend this year, with many local businesses and downtown areas around the country taking advantage of the trend by hosting Small Business Saturday events to encourage consumers to get out with their families.
Retail stocks soared on Wednesday as the wave of good news keeps coming after Cyber Monday and Black Friday. Shay says, "Favorable weather conditions played a role".
That's why while online sales are cutting into brick-and-mortar retailers' profits, those companies have to go online or face losing market share, said Gerald Storch, chief executive of Storch Advisors.More news: Melania Trump unprepared for first lady, never thought Donald would win
While retailers issued promotions labeled "Black Friday" in advance of Thanksgiving, those discounts were often not as deep as those released on Black Friday and Cyber Monday. Shoppers seem willing to spend more, but that's not benefiting retailers equally.
- Shoppers ages 25 to 34 spent the most, an average of $419.52. Though, retail research firm ShopperTrak said store traffic fell less than 1 % on Black Friday, bucking industry foresight of a sharper decline.
The top shopping destinations were department stores, according to the National Retail Federation, while the most popular gifts purchased included clothing and toys.More news: Updated BMW i8 and new i8 Roadster revealed
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