By Siddharth Cavale
NEW YORK, Dec 6 (Reuters) – Walmart Inc, Amazon.com and fast-growing e-commerce sites such as Shein and PDD Holding’s Temu broke sales records on Black Friday and Cyber Monday, according to spending data, while firms such as Target and Best Buy struggled.
Shoppers browsed mostly in brick-and-mortar stores, doing more online shopping at some retailers, buying items like second-hand Rolex watches, Pokemon cards and perfume from singer Sabrina Carpenter at Walmart and Fire streaming devices Shark TVs and vacuum cleaners at Amazon in a week full of deals.
Americans spent an estimated $10.8 billion shopping online on Black Friday, up 10.2% from a year ago, and then went on to spend $13.3 billion on Cyber Monday, up 7.3% from 2023. according to Adobe .
Among major retailers, Amazon posted the biggest growth on Black Friday, with 6% more sales than a year ago, according to data firm Facteus, which tracks online and in-store spending in the United States by analyzing data from syndicated banks, payment processors and fintech companies. The figures are not adjusted for inflation.
Its rival Walmart recorded 3% more spending compared to the previous period, while department store chain Target and consumer electronics chain Best Buy posted declines compared to last year, according to Facteus.
Among the best performers on Black Friday – the day after Thanksgiving – were low-cost Chinese rivals Temu and Shein, which posted double-digit percentage sales growth, albeit from a lower base, Facteus said.
Similarly, on Cyber Monday, Amazon, Walmart, Temu and Shein had better sales compared to 2023, while Best Buy’s decreased. The target saw modest growth.
Target’s lackluster performance came despite exclusive merchandise from singer Taylor Swift and the Broadway-turned-Hollywood movie “Wicked,” which were expected to give it a boost.
At Best Buy, which struggled as shoppers slowed their purchases of items like televisions and laptops, sales were 2% lower on Black Friday and 4% lower on Cyber Monday than a year earlier. seen.
However, its shares are up 2% since Thanksgiving on Nov. 28, suggesting investors expect better performance going forward.
Since Black Friday, shares of Walmart and Amazon have advanced 4.5% and 9.3%, respectively, outperforming the S&P 500’s 1.6% gain.
(Edited in Spanish by Carlos Serrano)
