ugg turn cuff gloves set to surpass initial estimate
online sales gained momentum on Cyber Monday and are set to surpass initial expectations by hitting a record $3.39 billion as consumers snapped up deals on the busiest day of the year for internet shopping.
The revised outlook dismissed fears that a strong jump in web sales during the Thanksgiving weekend would hurt Cyber Monday. It also underscored the broader shift to shopping online, which is making up for slower spending in stores.
Sales on Cyber Monday were expected to finish up 10.2 percent from a year ago at $3.39 billion, compared with an earlier estimate of $3.36 billion, according to Adobe Digital Insights. EST on Monday the latest figures available sales totalled $1.19 billion. Adobe will release final figures on Tuesday.
The rate of growth on Cyber Monday, however, was slower than Black Friday and Thanksgiving, when sales grew 21.6 percent and 11.5 percent respectively. This was mainly due to a lower sales base a year ago for those two days, Adobe said. retailers. retailers, $7.50 goes through the Adobe Marketing Cloud sales platform. Wal Mart Stores Inc said purchases made on the Wal Mart app jumped 150 percent this year. 8 presidential election.
Even with free shipping and site wide promotions, the number of deals on Cyber Monday was lower than on Black Friday, according to data from e commerce analytics firm Clavis Insight. On average,
brick and mortar retailers cut the number of deals by as much as 4 percent, the data showed.
However, a belief that deals will always be available, strengthened by earlier promotions, took a toll on consumer spending, which fell 3.5 percent over the Thanksgiving weekend, according to the National Retail Federation. The NRF stuck to its forecast for total retail sales to rise 3.6 percent this holiday season, on the back of strong jobs and wage growth.
Traffic trends were healthy at footwear maker UGG, owned by Decker’s Outdoor Corp , and Gap Inc , the biggest surprises,
Jefferies Co analysts said in a client note.