News About Banking Industry

Online sales hit record for Thanksgiving

Early reports for Thanksgiving Black Friday sales show a record number of consumers using their mobile devices for shopping. Software firm Adobe, which tracks sales at 4,500 websites, predicts $1.7 billion will be spent for the 24-hour Thursday period. Researcher Shoppertrack says retail stores rang up $3.2 billion in sales last Thanksgiving, while the Thursday/Friday period total was some $12.29 billion in sales at retail.

Target CEO Brian Cornell spoke to reporters shortly after stores opened Thursday, and said he saw “really strong traffic,” in-store and expects “record breaking results,” for online. “We’re seeing very strong results, and expect it to continue throughout the weekend.” Thursday, between midnight and 5:30 p.m. ET, some $1 billion worth of sales had been generated in online sales, up 22% from the previous Thanksgiving, with over 26% of sales from mobile devices, says Adobe. The firm projects total mobile sales will be 29%, a record.

Adobe says the average discount is 24%, and that sales were led by Star Wars toy products, the Pie Face Game and Crayola Super Art Coloring Kit, along with tech items like Samsung 4K TVs, the heavily discounted Apple iPad Air 2, videogame consoles xBox One and Sony PlayStation 4 and the Beats by Dr. Dre headphones. Thanksgiving Day shopping has grown in popularity as retailers have expanded Black Friday store sales from Friday into Thursday. This year, 22.3% of consumers are expected to shop on Thanksgiving, up from 18.3% last year, according to the National Retail Federation. Overall, nearly 136 million people are slated to shop over the entire holiday weekend, up from nearly 134 million last year, according to NRF.

The biggest retail chains–including Wal-Mart, Target and Best Buy, planned to open at 5 p.m. and 6 p.m. on Thanksgiving Day, while others preferred to wait for the traditional Black Friday sale–including Staples, T.J. Maxx, Marshalls and HomeGoods. Steve Diab of Carson, California, camped outside a Los Angeles area Best Buy all night long, hoping to nab one of the 50 inch televisions from Toshiba that was being advertised as a $149 door buster special. He figures he’ll save $250 on the TV, but, “I’m buying cellphones and video games too, so it’s worth it.”