General Updates Market Updates

Cyber Monday Online USA Sales Reach $628 Mn While Holiday Shopping Tops $72 Bn So Far

Cyber Monday sales have reached $628 million as of Monday morning, while in the holiday shopping season so far, purchases have reached $72 billion through Sunday, according to Adobe Analytics.

The firm, which monitors the transactions of 80 of the web’s top 100 retailers in the US, is expecting sales to rise almost 19% from last year to $9.4 billion for the day, which Adobe said in an earlier report would be the first $9 billion day in e-commerce revenue.

Much of the continental US is facing severe winter weather, bringing widespread travel days, and it remains to be seen if the storms will boost online sales. Adobe is predicting holiday season sales of $143.8 billion, which would be up from $126 billion in online spending 2018.

Wedbush Securities said earlier that retailers are expected to post record holiday sales this year on discounting driven by the shortened holiday season.

Adobe said Black Friday sales rose nearly 20% to $7.4 billion, although that narrowly missed its forecast for $7.5 billion.

“The record-breaking activity supports the thesis the consumer remains solid heading into the key holiday shopping season despite some preliminary reports of weakness,” said Stifel Chief Economist Lindsey Piegza in a note. “If correct, a stellar report for Friday sales suggests the consumer may actually have enough ammunition to carry the economy at least into next year.”

Small Business Saturday, an event created by American Express (AXP) in 2010 aimed at driving sales at small and local businesses, saw an 18% increase in sales to reach $3.6 billion, according to Adobe, matching its expectations.

Adobe said the most popular items were toys related to Walt Disney’s (DIS) “Frozen 2” film, LOL Surprise Dolls from privately held MGA Entertainment, Electronic Arts’ (EA) Madden 20 video game, Take Two Interactive Software’s (TTWO) NBA2K30 video game, and televisions equipped with Amazon.com’s (AMZN) Fire streaming platform.

From Nov. 1 through Sunday, Adobe said 59% of online orders were placed through desktops, 36% through smartphones, and 5% of tablets. Smartphones accounted for 58% of traffic, 37% from desktops, and 5% from tablets.

About the author

John Solman

John Solman

John Solman pursued a Master’s Degree in Finance from a US-based university. He manages to handle finance-related topics, which specifically includes research activities in the field of the stock market. John is quite experienced in playing with words, while due to his good understanding regarding stock and technology-related concepts, Expert Recorder news portal has offered him the post of Content Editor. During his spare time, he updates his knowledge by reading new market updates.