Spending data on Friday suggest the two retailers may finish the holiday season on a much stronger note than Target and Best Buy, which struggled
and fast-growing e-commerce sites Shein and PDD Holding’s Temu saw record-breaking sales on Black Friday and Cyber Monday, according to spending data, suggesting that they may finish the holiday season on a much stronger note than Target
Among major retailers, Amazon saw the strongest growth on Black Friday, with sales rising 6 per cent compared to Black Friday a year earlier, according to data firm Facteus, which tracks online and in-store spending in the United States analyzing data from banks, credit unions, payment processors, and fintech companies. Its figures are not inflation adjusted.
Similarly, on Cyber Monday, the Monday following Thanksgiving, Amazon, Walmart, Temu and privately held Shein saw an increase in sales compared to Cyber Monday 2023, while Best Buy’s declined versus a year earlier. Target saw a modest increase. At Best Buy, which has struggled due to shoppers pulling back on items like TVs and laptops, sales were 2 per cent lower on Black Friday and 4 per cent lower on Cyber Monday compared to the year-ago periods. Still, its shares are up 2 per cent since Thanksgiving on Nov. 28, suggesting that investors expect a better performance ahead.
Amazon said that the 12-day shopping period ending on Cyber Monday resulted in record sales compared to the same period in prior years, which Facteus confirmed.
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