Walmart and Amazon Stand Out with Record-Breaking Holiday Sales
Walmart Inc and Amazon (NASDAQ:AMZN) surpassed competitors like Target and Best Buy with record-breaking sales during Black Friday and Cyber Monday. According to spending data, e-commerce giants along with rapidly growing online retailers Shein and PDD Holding's Temu are set to finish the holiday season with significantly stronger performances.
As consumers prefer online shopping, the notable purchases included second-hand Rolex watches and Pokemon cards on Walmart, while Amazon saw Fire TV streaming devices among popular items. There was an increase in shopping during Amazon's sales event that began on November 21. According to Adobe, online spending on Black Friday reached approximately $10.8 billion, marking a 10.2% increase from last year. Cyber Monday sales also rose to $13.3 billion, representing a 7.3% increase compared to the same day in 2023.
Amazon experienced the most significant growth among major retailers on Black Friday, reporting a 6% increase in sales year-over-year. Walmart noted a 3% increase in spending as well. However, according to a report from Facteus, both Target and Best Buy experienced declines.
Chinese-origin Temu and Shein recorded double-digit percentage sales growth on Black Friday. On Cyber Monday, sales for Amazon, Walmart, Temu, and Shein increased while Best Buy's sales declined, and Target saw only a modest increase.
Despite special collaborations with Taylor Swift and the "Wicked" franchise, Target's sales remained stagnant. Nevertheless, according to Circana's report, Target's Taylor Swift "Eras Tour Book" sold 814,000 copies in two days, making it the second best-selling adult nonfiction title after Obama's "A Promised Land."
Best Buy's sales decreased by 2% on Black Friday and by 4% on Cyber Monday compared to last year. Nonetheless, the company's stock rose by 2% since Thanksgiving, reflecting investor optimism regarding future performance. In contrast, stock prices for Walmart and Amazon increased between 3% and 7%, while those of Target and PDD remained unchanged.
Walmart announced that it experienced its best sales day between November 25 and December 2, offering four times more discounts on its online marketplace. Although it was not specified which day recorded the highest sales, renewed Dyson vacuum cleaners and Sabrina Carpenter's Sweet Tooth perfume were among the popular products.
Amazon also reported record-breaking sales during the 12-day shopping period that ended on Cyber Monday. Facteus confirmed this success, highlighting that Medicube devices, Samsung televisions, and Shark vacuum cleaners were among the best-selling products.
Temu's sales during Black Friday and Cyber Monday reached new records of $53.3 million and $55.1 million, respectively. The company noted high demand for toys, particularly children's instruments and cameras.
According to Facteus, Shein also achieved new sales milestones, with sales during Black Friday and Cyber Monday reaching $34.2 million and $38.9 million, respectively.