Amazon reported its biggest ever holiday shopping event during the period from Nov. 17 to Cyber Monday when compared to the same time frame from the prior year. Consumer spending appears to have remained robust in spite of potential inflationary pressures and higher borrowing rates. Without providing an official disclosure of the exact figures, Amazon stated that skin care items and electronics were among the most popular purchases.
Amazon has announced that it had its most successful holiday shopping event ever, with more than a billion items purchased worldwide from Nov. 17 to Cyber Monday. The company observed that shoppers have been searching for discounts due to the current inflation rates, leading to this "record-breaking" sale event. To accommodate for this early surge in customers, the company extended its Black Friday and Cyber Monday to an 11-day span in order to offer the most convenient shopping experience with deals almost 70% greater than last year. Popular items such as COSRX Snail Mucin skin care, Fire TV Sticks, Ring doorbells, and Bissell vacuum cleaners were amongst the most highly sought after.
Data from Adobe Analytics released on Tuesday reported that U.S. shoppers spent a record $12.4 billion on Cyber Monday, which crushed initial expectations for sales of $12 billion. Additionally, the five-day period between Thanksgiving and Cyber Monday had total online sales of $38 billion, higher than the predicted $37.2 billion. Despite the consumer's resiliency, some holiday budgets are still being affected by the rising grocery prices and the resumption of student loan payments.
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