US Retail Sales Projected at $75 Billion
- Black Friday to Cyber Monday US retail sales expected to hit a record $75 billion
- Cyber Monday’s relevance fading as e-commerce growth slows down
- Online sales on Black Friday and Cyber Monday increased by 7.5% and 9.6% respectively last year
- Holiday season retail sales projected to grow between 2.3% and 3.3% this year
- Consumers expected to spend a ‘record’ $1,638 each during the holiday season
Cyber Monday has lost its dominance as a shopping day, according to Bain & Company’s report. The holiday sales period from Black Friday to Cyber Monday remains crucial for retailers, but e-commerce growth is slowing down and deals are now extended beyond the core weekend. Last year, US retailers saw online sales of $9.8 billion on Black Friday (up 7.5%) and $12.4 billion on Cyber Monday (up 9.6%). This year’s holiday season retail sales are projected to grow between 2.3% and 3.3%, totaling $1.58 trillion to $1.59 trillion, a slight decrease from last year’s prediction of 3.5% to 4.6%. Consumers are expected to spend $1,638 each during the holiday season, an increase of 7% compared to 2022 but down 30% from 2023.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the decline of Cyber Monday’s dominance in recent years and includes relevant data from Bain’s research, Adobe Analytics, and Deloitte and PwC reports. It also offers insights from industry experts. However, it lacks some context on why e-commerce growth has slowed down and could benefit from more details about the factors affecting consumer spending habits.
Noise Level: 4
Noise Justification: The article provides relevant information about the changing dynamics of holiday shopping trends and offers insights into retailer strategies for Black Friday and Cyber Monday. It also includes data from various sources to support its claims. However, it could benefit from a more in-depth analysis of the reasons behind the shift in consumer behavior and potential long-term implications.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the financial performance of retailers during holiday sales periods such as Black Friday and Cyber Monday, with specific figures for online sales growth. It also mentions projections for overall retail sales growth between November and January. This information is relevant to the financial performance of retail companies and the broader retail industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:
www.retaildive.com