Published: Tue, November 28, 2017
Industry | By Dora Warner

U.S. holiday weekend sales no match for China's Singles' Day

U.S. holiday weekend sales no match for China's Singles' Day

American shoppers spent a record $5 billion online in 24 hours, an increase of 16.9 percent in dollars spent on the internet from Black Friday in 2016.

Digital retail giant Amazon (AMZN, Tech30) said Friday that orders were rolling in "at record levels".

Footfall figures from Black Friday are in and the results are mixed, with some analysts saying the sales event boosted footfall while others said it didn't.

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Meanwhile, malls and big-box retailers were left only slightly emptier.

A study from Rakuten Marketing found that there was a 21 percent year-over-year revenue growth in online retail sales this year in the three-day period from the Wednesday before Thanksgiving to Black Friday.

According to Ipsos Retail Performance, UK footfall on Black Friday was up 0.95 per cent year-on-year, with 42 per cent of retailers experiencing footfall growth. As online-savvy businesses continue to gobble up more and more of the market share, companies like Macy's (M), JCPenney (JCP), Gap (GPS) and Sears (SHLD) have suffered. And some shoppers, particularly young people, could spend even more than expected.

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But Brian Field, senior director of advisory services for ShopperTrak, is optimistic. Big retailers like, Amazon, Walmart and Target are expected to offer more deals than ever before.

In the meantime, there's plenty of busy holiday shopping days to come.

Even with a combined record sales on Black Friday and Thanksgiving plus the projected sales for Cyber Monday, online sales in the United States for the holiday weekend remain merely a fraction of what was raked in during China's 11.11 Singles' Day sales earlier this month.

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