Amazon has announced that it experienced “record-breaking” sales leading up to Cyber Monday, as consumers sought discounts amidst rising inflation. The company declared that this year’s holiday shopping event, which took place from November 17th to Cyber Monday, marked its “biggest ever” compared to the same 11-day period in the previous year. While exact sales figures were not disclosed, Amazon revealed that shoppers worldwide purchased more than 1 billion items during this period.
With an increasing number of consumers turning to online shopping, retailers have started offering promotions well before Black Friday in order to attract early holiday shoppers. Shopping events like Black Friday and Cyber Monday, once highly significant, no longer hold the same weight, as consumers now spread out their holiday shopping over several weeks instead of focusing on a single day or the Thanksgiving weekend.
Amazon extended its Black Friday and Cyber Monday shopping event to 11 days this year, aiming to provide customers with more opportunities to take advantage of deals. The company’s CEO of Worldwide Amazon Stores, Doug Herrington, stated, “We kicked off the holiday season with Prime Big Deal Days in October, and extended our Black Friday and Cyber Monday holiday shopping event to 11 days to accommodate even more deals over more days to make shopping more convenient for customers – helping them save nearly 70% more than the same period last year.”
Throughout the Black Friday and Cyber Monday period, Amazon reported that customers were particularly drawn to various products. These included COSRX Snail Mucin skincare items, Fire TV sticks, Ring doorbells, and Bissell vacuum cleaners. This demonstrates the breadth of items that shoppers are interested in, ranging from beauty products to smart home devices.
In the United States alone, shoppers spent a staggering $12.4 billion on Cyber Monday, a 9.6% increase compared to the previous year. These figures surpassed initial expectations, which predicted sales of $12 billion. Furthermore, online sales during Cyber Week, which encompasses the five days between Thanksgiving and Cyber Monday, reached $38 billion, exceeding Adobe Analytics’ estimated $37.2 billion.
Although consumers have displayed resilience, retailers and analysts approached this holiday shopping season with caution. Rising grocery prices continue to impact household budgets, and the resumption of student loan payments has further strained finances for some shoppers. These factors have influenced consumer spending patterns and heightened the importance of discounts and promotions during the holiday season.
Amazon’s recent holiday shopping event leading up to Cyber Monday exhibited strong performance, with “record-breaking” sales and worldwide customers purchasing more than 1 billion items. The extension of the event to 11 days allowed customers to benefit from additional deals and discounts. While traditional shopping events like Black Friday and Cyber Monday may have lost some significance, online shopping is still thriving, and consumers are adapting their purchasing habits accordingly. As the holiday season continues, retailers will need to remain attentive to consumer needs, offering attractive promotions to meet the demands of price-conscious shoppers.