Retail giants Walmart and Amazon achieved record sales during 2024 Black Friday and Cyber Monday, according to consumer spending data. These results sharply contrast with the challenges faced by other major retailers like Target and Best Buy, which reported declines in sales, Reuters reported.
Advertisement:
Americans spent approximately $10.8 billion online on Black Friday, up 10.2% from 2023, and $13.3 billion on Cyber Monday, a 7.3% increase compared to the previous year, according to Adobe. During Cyber Monday deals the peak hours where between 8 pm to 10 pm, when consumers spent $15.8 million every minute. Cyber Monday remains the biggest online shopping day of all time, as shoppers took advantage of bigger-than-expected discounts in categories such as electronics (peaking at 30.1% off listed price), toys (26.1%), apparel (23.2%), televisions (21.8%), and computers (21.5%).
Walmart recorded its best sales week ever between November 25 and December 2. Top-selling items included Rolex watches, refurbished Dyson vacuums, perfumes, and vintage LEGO sets.
Amazon reported a 6% increase in Black Friday sales compared to the previous year. Popular products included Fire TV devices, Samsung TVs, Barbie dolls, and Play-Doh.
Despite exclusive partnerships, such as collaborations with Taylor Swift and the “Wicked” musical, Target achieved only modest growth in Cyber Monday sales.
Advertisement:
In contrast, Best Buy reported declines of 2% and 4% in Black Friday and Cyber Monday sales, respectively, compared to the prior year.