✎ Contributed by Ty Griffin
Cyber Monday 2024 has achieved unprecedented online sales, with U.S. consumers spending $13.3 billion—a 7.3% increase from the previous year. This surge was driven by substantial discounts and a significant rise in mobile shopping.
Key Highlights
- Mobile Shopping: Mobile devices accounted for 57% of online sales, totaling $7.6 billion, marking a 13.3% year-over-year increase.
- Top-Selling Categories: Electronics, toys, and apparel led sales, with electronics offering discounts up to 30%, and apparel up to 23%.
- Peak Spending Period: The highest spending occurred between 8 p.m. and 10 p.m., with consumers spending $15.8 million per minute.
Retailer Performance
- Amazon.com Inc. (NASDAQ: AMZN): Shares closed at $224.61, up 1.84%, reflecting strong sales of devices like Fire TV and Echo.
- Walmart Inc. (NYSE: WMT): Shares ended at $95.79, a 0.51% increase, driven by high demand for electronics and toys.
- Target Corporation (NYSE: TGT): Shares rose to $131.81, up 2.04%, with exclusive deals and partnerships boosting online traffic.
- Costco Wholesale Corporation (NASDAQ: COST): Shares reached $993.16, a 1.11% gain, as bulk deals attracted consumers.
Industry Trends
The adoption of Buy Now, Pay Later (BNPL) services hit a record high, accounting for nearly $1 billion in sales, primarily through mobile transactions. Influencers and affiliate marketers contributed approximately 20% of e-commerce revenue, a 7% increase from the previous year.
Analyst Insight
“The significant growth in mobile shopping and BNPL services indicates a shift in consumer behavior towards convenience and flexible payment options,” said Emma Collins, a retail analyst at Morgan Stanley, in an interview with CNBC.
Outlook
With total U.S. holiday sales projected to exceed $240 billion, an 8.4% increase from last year, retailers are optimistic about the remainder of the season. The focus will remain on digital strategies and competitive pricing to sustain consumer engagement.
NOTE TO INVESTORS: IBN is a multifaceted financial news, content creation and publishing company utilized by both public and private companies to optimize investor awareness and recognition. For more information, please visit https://www.InvestorBrandNetwork.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://IBN.fm/Disclaimer
Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com
