Walmart (NYSE:WMT) Inc and Amazon.com (NASDAQ:AMZN) have emerged with record-breaking sales during Black Friday and Cyber Monday, outpacing competitors like Target (NYSE:TGT) and Best Buy (NYSE:BBY). According to spending data, the e-commerce giants, along with fast-growing online retailers Shein and PDD Holding's Temu, may conclude the holiday season with significantly stronger performances.
Consumers showed a preference for online shopping, with notable purchases including pre-owned Rolex watches and Pokemon cards at Walmart, and Fire TV streaming devices at Amazon. Amazon's sales event, which started on November 21, saw a surge in purchases. Adobe (NASDAQ:ADBE)'s data indicates that online spending on Black Friday reached approximately $10.8 billion, marking a 10.2% increase from last year. Cyber Monday sales followed suit with a 7.3% rise to $13.3 billion compared to the same day in 2023.
Amazon experienced the most substantial growth among major retailers on Black Friday, with a 6% sales increase from the previous year. Walmart also saw a 3% uptick in spending. However, both Target and Best Buy experienced declines, as reported by Facteus.
Temu and Shein, both originating from China, recorded double-digit percentage sales growth on Black Friday. Cyber Monday also witnessed sales increases for Amazon, Walmart, Temu, and Shein, while Best Buy's sales dipped and Target saw only a modest rise.
Target's sales were subdued despite exclusive collaborations with Taylor Swift and the "Wicked" franchise. Nonetheless, Circana reported that Target's Taylor Swift "Eras Tour Book" sold 814,000 units in two days, becoming the second-highest adult non-fiction release after Obama's "A Promised Land."
Best Buy's sales dropped by 2% on Black Friday and 4% on Cyber Monday year-over-year. Despite this, the company's shares have risen by 2% since Thanksgiving, indicating investor optimism for future performance. In contrast, the share prices for Walmart and Amazon have increased by 3% to 7%, while Target's and PDD's shares have remained unchanged.
Walmart announced its most successful sales day ever between November 25 and December 2, with four times more deals on its online marketplace. Though the exact day of peak sales wasn't specified, popular items included refurbished Dyson vacuums and Sabrina Carpenter's Sweet Tooth fragrance.
Amazon also reported record-breaking sales for its 12-day shopping period ending on Cyber Monday. Facteus confirmed this achievement, highlighting top-selling items like Medicube devices, Samsung (KS:005930) TVs, and Shark vacuums.
Temu's Black Friday and Cyber Monday sales set new records, with $53.3 million and $55.1 million in sales, respectively. The company noted that toys, particularly children's instruments and cameras, were in high demand.
Shein also reached new sales milestones, with Black Friday and Cyber Monday sales amounting to $34.2 million and $38.9 million, respectively, according to Facteus.
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