| 3 March 2024, Sunday |

US Thanksgiving weekend sales hit record $38 bln on big discounts

Thanksgiving weekend saw steep discounts on everything from toys to cosmetic products to technology, causing American consumers to spend about $38 billion online and indicating a robust holiday shopping season despite ongoing economic concerns.

According to data from Adobe Analytics, online consumer spending increased 7.8% during Cyber Week, or the five days from Thanksgiving through Cyber Monday, above earlier projections of a 5.4% increase.

In the lead-up to the crucial shopping season, industry forecasters including Deloitte and retailers like Walmart (WMT.N) and Macy’s (M.N) warned of cautious consumer spending due to sticky inflation constraining budgets. But blockbuster deals rolled out from Thanksgiving Day through Cyber Monday helped spread the holiday cheer for bargain-hunters.

Sales on Cyber Monday jumped a better-than-expected 9.6% to a record $12.4 billion, as shoppers clicked “buy” on Hot Wheels toys, PlayStation 5, smart watches and kitchen appliances.

“The record online spending across Cyber Week … shows the impact that discounts can have on consumer demand, especially with quality products that drove a lot of impulse shopping,” said Vivek Pandya, lead analyst at Adobe Digital Insights.

  • Reuters