Black Friday sales have stocks rising

Between November 24 and 27, the world witnessed one of the most notable shopping events of the year: Black Friday and Cyber Monday 2023. A sector that capitalized the most on these days was e-commerce.

Shares of giants such as Shopify, Etsy and Wayfair experienced a notable rally on Monday, boosted by strong Black Friday sales and promising prospects for Cyber Monday, according to reports from television network CNBC.

According to the note, this growth is largely attributed to American shoppers, who largely opted for the convenience of online shopping from the comfort of their couches, mostly avoiding physical stores during this period.

Recent data from Adobe Analytics revealed that online shopping during Black Friday reached a record $9.8 billion in the United States, an increase of 7.5% from the previous year.

Online sales during Cyber Weekend, which covers the days between Black Friday and Cyber Monday, amounted to $10.3 billion, an increase of 7.7%.

Cyber Monday sales are projected to reach $12.4 billion, making it the largest online shopping day of the year in the United States, Adobe said.

This booming sales landscape turned out to be a boon for many e-commerce-focused retailers, reflected in their shares rising on Monday as investors celebrated early positive results.

K. Tovar

Source: Bitfinanzas

(Referential image source: Ashkan Forouzani, Unsplash)

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