American shoppers spent a record $5 billion online in 24 hours, an increase of 16.9 percent in dollars spent on the internet from Black Friday in 2016. However, Black Friday's record $5 billion in online sales reflect consumer confidence is at its highest point.
Like Black Friday, though, many retailers offered online deals that last throughout November instead of limiting them to a single day, potentially reducing Cyber Monday's impact. Despite that, at this time a year ago, AMZN sock was actually going in the opposite direction, slumping because record Cyber Monday shopping numbers just weren't big enough.
This trend should worry already decimated brick-and-mortal retailers.
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Despite anecdotal signs of muted in-store sales - fewer cars in mall parking lots, shoppers leaving stores without purchases in hand - consumers are still expected to spend more overall this holiday season than last, analysts and industry executives said. Kit Yarrow, a consumer psychologist and professsor emeritus at Golden Gate University in San Francisco, says her research with consumers indicates many of them are snapping up all the good deals they see with plans to return the items they ultimately will decide not to give as holiday gifts. People increasingly know where to find the best deals and what they want to purchase, which results in less price matching behavior typically done on desktops. Macy's CEO Jeff Gennette told CNBC Friday morning that traffic at the department store chain's flagship Herald Square location already looked to be stronger than previous year. "Millennials were likely another reason for the dramatic growth in mobile, with 75 percent expecting to shop via their smartphone".
On Black Friday, the largest discounts were on computers, televisions and toys, On Tuesday, which is now referred to as Giving Tuesday, pet products and bedding and furniture are expected to have the best discounts at 22% and 13% respectively.
Just because the end is not here for brick-and-mortar stores does not mean traditional retailers have nothing to fear. People not only buy online.
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Black Friday 2017 also set online sales records, and it looks as though Amazon absolutely dominated on that front.
No actual data for Friday's brick-and-mortar business was immediately available.
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