By
Chimamanda U. Martha
March 11th, 2024
According to Amazon, Home, Fashion, Toys, Beauty, and Amazon Devices were the top-selling categories during the record Thanksgiving shopping weekend.
E-commerce giant Amazon (NASDAQ: AMZN) has recorded its biggest Thanksgiving shopping weekend this year. This came despite the unstable economy, inflation, and investment losses affecting many. As November ended, the e-commerce company said it saw record-breaking sales within the five days of holiday shopping, between the 24th and the 28th of November. The shopping weekend began on 2022 Thanksgiving day on the 24th and continued till Cyber Monday 2022.
Amazon announced its biggest Thanksgiving holiday shopping, stating that customers bought millions of products. WW Amazon Stores CEO Doug Herrington excitedly wrote:
“This was a record-breaking holiday shopping weekend for Amazon. Customers shopped millions of deals this weekend and we have many more amazing deals to come. Thank you to our customers for choosing to shop on Amazon, and to our employees and selling partners around the world who are delivering for customers everyday.”
Amazon Announces Record Thanksgiving Shopping Weekend Sales
According to Amazon, Home, Fashion, Toys, Beauty, and Amazon Devices were the top-selling categories during the record Thanksgiving shopping weekend. Specifically, the e-commerce company named the Echo Dot, Apple AirPods, and Fire TV Stick as the best-selling items on its platform. Others were Burt’s Bees Christmas Gifts, Hasbro Gaming CONNECT 4, Nintendo Switch, etc. Additionally, small businesses in the US generated over $1 billion in sales with customer support during the holiday shopping weekend.
However, there are no sales figures for the shopping weekend. This will most likely come in the company’s Q3 results, expected to be released in January or February 2023. Citing Adobe Analytics, Coinspeaker precited in a previous report that Cyber Monday spending could hit an all-time high. The report said spending could climb as high as $11.6 billion, with analysts saying inflation could count for little or nothing. Adobe Analytics projected that sales could rise 8.5% YoY for 2020 Cyber Monday. This is primarily because consumers look forward to discounts on various products due to tightened household budgets.
As the 5-day holiday shopping ramped up, Adobe Analytics said consumers spent $9.12 billion online on Black Friday. The analytic firm added that the online Black Friday spending represents a 2.3% jump YoY. Also, online Cyber Monday sales grew 5.8% to $11.3 billion. Other than certain expectations that consumers will be cautious of spending during the holiday season, millions are rather purchased items and taking advantage of discounts.
At press time, Amazon stock is up 0.13% to 496.67 at after-hours trading. AMZN shares have gained nearly 3% in the last five days and increased by 8.11% over the past month.