Three days after bringing in $5.03 billion online on Black Friday, retailers outdid themselves once again, reeling in a record $6.59 billion on Cyber Monday - 16.8% growth year-over-year.
"All the fundamentals were in place for consumers to take advantage of incredible deals and promotions retailers had to offer", NRF President and CEO Matthew Shay said in a statement.
This year's Thanksgiving weekend results do not include historical data from past years due to changes made to the survey methodology to help better understand consumers' shopping experience and to include Cyber Monday in the calculations. However, at the beginning of the week there were already 77 actively promoting Black Friday campaigns (as well as 37 running their own discount campaigns), with that number increasing sharply on both Wednesday and Thursday. They spent about 25 percent more than the average shopper. Black Friday still dwarfs Cyber Monday in this department, with 2.07 million day-related terms and messages with a potential reach of 29 billion during the same time.
More than 64 million consumers shopped both online or in stores over the Thanksgiving weekend period, even as about 58 million shopped online only and about 51 million shopped in stores only.
Retailing for $299.99 across online retailers, Adobe's Digital Insights Initiatives reveals that the Nintendo Switch became Black Friday 2017's best-selling product online throughout all online retailers' available product sections.
Data from ShopperTrak shows that traffic at brick-and-mortar stores decreased less than 1% from Black Friday past year, which is actually good news compared to what some analysts had been fearing.
The value of inventory retailers have in stock was up an average of 34 percent last weekend versus last year and up 43 percent on Cyber Monday from a year ago, Engel said. "Many consumers begin their shopping journey on their mobile devices and most often complete purchases within a physical retail store, especially after mid-December". They spent $49 more on average than in-store-only shoppers.
"You did see the expected surge in online shopping and the fact that Cyber Monday was a record day doesn't surprise anybody", Stern said.
Earlier this year, the National Retail Federationprojected Christmas spending to increase between 3.6 percent and 4 percent to about $680 billion. Despite the promotions and markdowns that shoppers experienced this past weekend, retailers are showing no signs of pulling back on discounts and deals in the weeks ahead, said Sarah Engel, chief marketing officer at Dynamic Action, a data analytics company that tracks online transaction.
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