The online sales volume in the United States by Black Friday shoppers reached a record high, an increase of 7.5% compared to the previous year.
According to reports, e-commerce spending on Black Friday reached a record high of $9.8 billion, an increase of 7.5% compared to the previous year in the United States.
Over the past year, highly strategic consumers have emerged and they are truly making the most of these important days in order to take full advantage of discounts.
The surge in consumer spending on Black Friday reflects a strong consumer desire to consume more than in 2022, when gasoline and grocery prices were painfully high.
Mr. Pandia noted that out of the Black Friday revenue, $5.3 billion was attributed to mobile shopping, suggesting that impulse buying may have contributed to the growth of Black Friday. He also pointed out that thanks to influencers and social media advertising, consumers are now able to shop easily on mobile devices.
However, shoppers are price-sensitive and are managing strict budgets due to last year's record inflation and interest rates. According to surveys, $79 million, revenue, is contributed by consumers who choose the flexible payment method of "Buy Now, Pay Later" to stretch their wallets, compared to last year.Increase by 47%.Added.
According to the report, the most sold categories on Black Friday were electronic equipment such as smartwatches and televisions, toys, and games. On the other hand, home repair tools did not perform well. This will directly impact which products are most discounted.
Mastercard analyzed the sales of this year's Black Friday and found that in-store sales increased by just over 1%, while online sales increased by more than 8% compared to last year.
Consumers prefer online shopping. The reason for this is that it is easier to compare prices side by side and secure better prices.
Retail companies are aware of the emergence of bargain-seeking consumers and want to attract as many consumers as possible. $Best Buy (BBY.US)$and the rise of Kyushu-based stocks such as $Loews (L.US)$Companies like Target and Ulta Beauty have announced an increase in discount levels. They have launched pop-up promotions to discount specific brands and items for 24 hours.
According to pre-analysis, Black Friday maintained the momentum from the previous day's Thanksgiving (online total sales of 5.6 billion dollars).
This momentum continued from the weekend to Cyber Monday, and it was expected that the biggest bargains were still to come. The two-day weekend spending of online shoppers reached approximately 10 billion dollars, and Cyber Monday was predicted to reach a record high of 12 billion dollars.
However, according to Mr. Pandya, there is a high possibility that consumer spending will decline in the latter part of the holiday season. Cyber Monday, being the last major sale day of the holiday season, could potentially mark the final non-essential spending of the year.
"We expect growth to slow down as discounts weaken and significantly influence the behavior of buyers this season," said Mr. Pandya.
Mr. Pandya noted that there are always gift givers who postpone their end-of-year shopping, hence there is a possibility that spending will continue until mid-December. However, he says that the real growth in spending occurs in November and the week of Thanksgiving.
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