Amazon announced on Tuesday that it achieved “record-breaking” sales during the period leading up to Cyber Monday. Despite the impact of inflation on consumers’ budgets, they were still eager to take advantage of discounts offered by the company. Comparing the same 11-day stretch from November 17 to Cyber Monday, Amazon declared it as its “biggest ever” holiday shopping event. While the company did not disclose exact sales figures, it revealed that shoppers worldwide purchased over 1 billion items during this period.
In recent years, the shift towards online shopping has caused retailers to start their promotions well in advance of Black Friday. The traditional shopping rush associated with Black Friday and Cyber Monday has diminished as consumers now spread out their holiday shopping over several weeks rather than a single day or the Thanksgiving weekend. This shift has inspired retailers to adapt their strategies and extend the duration of their discount events.
Doug Herrington, the CEO of Worldwide Amazon Stores, mentioned that the holiday shopping season was kickstarted with the Prime Big Deal Days in October. Additionally, Amazon extended its Black Friday and Cyber Monday event to span 11 days, offering customers more deals and increased convenience. According to Herrington, customers were able to save nearly 70% more compared to the same period the previous year.
During Black Friday and Cyber Monday, Amazon observed a surge in sales for various products. Among the most popular were cosmetics like the COSRX Snail Mucin skincare line, Fire TV sticks, Ring doorbells, and Bissell vacuum cleaners. These findings indicate the diversity of items that customers were interested in purchasing during the holiday season.
On Cyber Monday specifically, U.S. shoppers set a new spending record, reaching $12.4 billion, a 9.6% increase from the previous year. This result far surpassed initial estimates of $12 billion in sales. Moreover, online sales during Cyber Week exceeded expectations by surpassing Adobe’s projected $37.2 billion, totaling to a staggering $38 billion in sales.
Both retailers and analysts approached the holiday shopping season with caution this year. Although consumers have remained resilient, high grocery prices and the resumption of student loan payments have limited some shoppers’ budgets. Despite these challenges, Amazon’s record-breaking performance demonstrates the company’s ability to attract customers with its extensive range of products and appealing deals.
Amazon’s success in achieving record-breaking sales during the holiday shopping season reflects the changing habits and preferences of consumers. With the transition to online shopping, retailers have extended their promotional events to accommodate customers’ evolving needs. While economic challenges persist, Amazon’s ability to provide convenience and savings has allowed it to thrive in a highly competitive market. As the holiday season continues, it will be interesting to see how other retailers adapt and compete in this evolving landscape.
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