Cyber Monday pulls in record $13.3 billion in sales
Your chances to get some of the deepest discounts of the holiday shopping season have passed with Cyber Monday now in the books. Consumers took full advantage, collectively spending a record $13.3 billion online during Cyber Monday.
Adobe Analytics said that’s up 7.3% from last year and surpassed projections of $13.2 billion in sales. The company said between the peak hours of 8 p.m. and 10 p.m. alone, people spent a combined $15.8 million every 60 seconds.
“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%),” Adobe said.
Adobe said “buy now, pay later” plans were quite popular, accounting for more than $991 million worth of Cyber Monday spending.
The company said toys were the clear winner on Cyber Monday, with online sales growing 680% compared to an average day in October 2024.
Other interesting facts include: 57% of online sales came through a mobile device, representing $7.6 billion in spend; traffic to retail sites from chat bots (shoppers clicking on a link to a retail site) increased by 1,950% compared to the year prior; and there was record online spending on Thanksgiving Day of $6.1 billion, up 8.8% from last year.
Adobe said deals will continue in the weeks leading up to Christmas, but will come down from their Cyber Monday peak. Adobe said shoppers can still find good bargains through the month in computers (peaking at 18% off listed price), toys (18%), electronics (17%), televisions (17%), apparel (17%), sporting goods (16%), and appliances (14%).
Online-only stores like Shein, Temu changing how people holiday shop
The holiday shopping landscape is changing in the U.S., with online Chinese outlets Shein and Temu offering ultra-low prices and challenging traditional American retailers. For years, people have been turning away from brick-and-mortar stores in favor of fast fashion and online-only shops that offer seemingly endless choices and unbeatable prices.
With the way sites like these gamify the shopping experience –– including spinning prize wheels and countdown clocks –– it’s easy to get lost in the urgency and feel like every day is Cyber Monday, leading consumers to spend money more consistently and putting these Chinese companies solidly in place to challenge retailers in the West this holiday season.
Industry analysts say the allure of being able to buy more but spend less has millions of people looking for the perfect gift turning to these options.
Retailers tighten return policies as billions flock to online shopping
With analysts estimating shoppers would spend at least $13 billion on Cyber Monday, some retailers are upping the fees when it comes to returns. They say the main reason for the change is an increase in fraud.
According to the National Retail Federation, of $743 billion in returns in 2023, $101 billion, or 14%, were fraudulent. That’s a 10% jump from the year before. Businesses say that stealing is cutting into revenue.
The consulting firm McKinsey says retailers pay anywhere from $21 to $45 to process a single return. As a result, companies are passing some of that cost down to consumers. Saks Fifth Avenue now charges $9.95 for returns by mail. Neiman Marcus charges a similar fee, especially if items are returned after a certain date.
Saks is now conducting more thorough inspections of returned products in order to cut down on fraud.
However, those fees and scrutiny have lead to some pushback from angry customers when the retailer sends their item back without a refund.
One customer of Saks even went on social media to complain when the company refused to issue a refund on a dress that cost nearly $700. That same customer also filed a complaint with the Better Business Bureau.
It’s worth noting that shoppers can typically return online purchases at the physical brick and mortar store, for free.
What to expect on Cyber Monday as big-box stores look to attract customers
The holiday shopping season is now well underway with stores pushing big discounts to try to attract customers. Come Monday, Dec. 2, lots of people will be online clicking the box that says “buy” or “purchase”, as Cyber Monday deals launch.
Amazon began running sales on Friday, Nov. 29, including 50% off headphones and 40% off household items including vacuums.
Target is expected to kick off its online sales on Sunday, Dec. 1, and extend them through Cyber Monday. There’ll be big discounts on items such as Airpods and Apple Watches, some for $200 or less.
Walmart will also begin offering online deals on Sunday, Dec. 1. Electronics, such as a 32-inch smart TV, will be available for under $100. Laptop computers will go for less than $150.
Some analysts are urging shoppers to consider the effect President-elect Donald Trump’s proposed tariffs might have on popular gift items. Trump has threatened to hit China with a 60% levy, plus Mexico and Canada with a possible 25% tariff.
Chip Lupo, from Wallethub, told Newsweek that electronics, appliances, cars and furniture would be specifically vulnerable to price increases because of their reliance on imported parts and materials. He named smartphones, laptops, tablets and gaming consoles as items that would see price hikes.
In 2023, Americans spent roughly $12.5 billion on Cyber Monday. That number is expected to hit close to the $14 billion mark this year, according to marketing experts.
Mexico’s president refutes Trump’s claim she promised to close the border
President-elect Donald Trump said Mexico has agreed to stem the tide of migrants flowing into the United States, but Mexico’s president is now saying that’s not quite accurate. And Amazon workers are using Black Friday to make a statement about their labor situation. These stories and more highlight your Unbiased Updates for Friday, Nov. 29, 2024.
Mexico’s president refutes Trump’s claim she promised to close the border
As President-elect Donald Trump gets ready to return to office, he’s already making moves to follow through on some of his biggest campaign promises. After announcing this week his plans to impose tariffs on goods from China, Canada and Mexico, he turned his attention to another hot-button issue: immigration.
It’s a bit of a case of “he said, she said” after Trump had a call with Mexican President Claudia Sheinbaum on Wednesday, Nov. 27. President-elect Trump posted on his Truth Social platform after the call saying Sheinbaum agreed to stop migration into the U.S. through Mexico, “effectively closing our southern border.”
Sheinbaum appeared to contradict Trump in a post of her own on X, saying in part, “Mexico’s position is not to close borders…”
She did, however, lay out Mexico’s “comprehensive strategy” for addressing the migration issue. In a separate post on X, Sheinbaum said during the call, she told President-elect Trump, “No caravans are arriving at the border because they are being attended to in Mexico.”
En nuestra conversación con el presidente Trump, le expuse la estrategia integral que ha seguido México para atender el fenómeno migratorio, respetando los derechos humanos. Gracias a ello se atiende a las personas migrantes y a las caravanas previo a que lleguen a la frontera.…
The two leaders also talked about how they’re addressing the U.S. fentanyl crisis.
The call was scheduled after Trump unveiled plans to slap 25% tariffs on all imports from Mexico to the U.S. as part of the effort to stem the flow of illegal drugs into the U.S. through Mexico.
Not only would that impact the prices of avocados and agave — both very popular in the U.S. — Mexico’s economy secretary said Wednesday 88% of all North American pickup trucks come from Mexico. Sheinbaum then suggested Mexico could retaliate with tariffs of its own.
“I hope he rethinks it,” Biden said. “I think it’s a counterproductive thing to do. You know, one of the things you’ve heard me say before is that we are – we have an unusual situation in America. We’re surrounded by the Pacific Ocean, the Atlantic Ocean, and two allies: Mexico and Canada. The last thing we need to do is begin to screw up those relationships.”
Economists forecast Trump’s planned tariffs would increase prices for American shoppers, costing the average U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.
Israel and Hezbollah both claim ceasefire violations
Barely three days into a 60-day ceasefire between Israel and the Iran-backed militant group Hezbollah in Lebanon, both sides are claiming violations.
Yesterday, Hezbollah had a precision-guided missile manufacturing site—today, they don’t.
Hezbollah’s largest precision-guided missiles manufacturing site, 1.4km wide and 70m underground, was struck and dismantled by IAF fighter jets yesterday.
Lebanese authorities also said two people, who were trying to return to southern Lebanon, were shot and wounded by Israeli forces. Lebanon’s health ministry said they were civilians, but the IDF claimed they were suspected of violating terms of the truce.
The agreement, brokered by the United States and France, includes an initial two-month ceasefire during which Hezbollah militants will withdraw north of the Litani River and Israeli forces are to return to their side of the border.
Thousands of Amazon workers to strike from Black Friday to Cyber Monday
Amazon workers in more than 20 countries, including the U.S., are on strike on some of the busiest pre-Christmas shopping days across the world. It started on Black Friday, Nov. 29, a day for bargain hunters to score some of the biggest discounts from stores across the country as holiday shopping kicks into high gear.
Organizers told the United Nations the so-called “days of resistance” are to hold Amazon accountable for alleged labor abuses, as well as “environmental degradation and threats to democracy.” According to ABC News, the strike could delay holiday deliveries.
The organizers said this is their fifth year of labor action against Amazon during the beginning of the holiday shopping season.
In a statement, Amazon said the group that organized the strikes is being “intentionally misleading” and promoting a “false narrative.” Management said the company offers great pay and benefits.
Canada sues Google over control of online ads
Canada’s antitrust watchdog said it is suing Google over alleged anti-competitive conduct in the company’s online advertising business. They’re calling for Google to sell off two of its ad tech services and pay a penalty.
The Competition Bureau said it’s necessary because an investigation into Google found the company “unlawfully” tied together its ad tech tools to maintain its dominant market position. Google insists the online advertising market is a highly competitive sector and is fighting the allegations.
This comes just a week after the U.S. Department of Justice asked a federal judge to force Google to sell its Chrome web browser, saying it continues to crush the competition through its dominant search engine.
America facing a live Christmas tree shortage again
As millions of Americans get ready to begin their search for the perfect Christmas tree, growers are having historic challenges getting them to sale lots, according to the Wall Street Journal.
The day after Thanksgiving is usually the biggest day for live tree sales, but since Thanksgiving came so late this year, it’s a very short selling season. On top of that, a nationwide shortage is expected thanks to severe weather across the country this year, such as a northeastern drought and North Carolina floods caused by Hurricane Helene. North Carolina is the second-biggest supplier of Christmas trees in the country.
Shoppers bought roughly 21.6 million real Christmas trees in the U.S. last year, according to the National Christmas Tree Association. The Department of Agriculture said the number of trees harvested in the U.S. has declined 30% since 2002, while the American population has grown 16% over the same period.
Alaska native air drops Thanksgiving turkeys to families in remote areas
In the most remote parts of Alaska a Thanksgiving turkey is hard to come by. So, one woman made sure families in roadless parts of the state had their holiday feast.
Pilot Esther Keim calls it “Alaska Turkey Bomb.” She flies in a small plane to off-the-grid homes and air drops frozen turkeys for families to enjoy for Thanksgiving.
Keim said it’s a tribute to a family friend who did the same thing for her family when she was growing up.
She started the tradition in 2022 after somebody that she knew told her they did not have much of a holiday dinner — and no turkey at all. Since then, she has delivered 30 to 40 turkeys every year to families living in remote areas of Alaska.
Amazon workers in 20 countries plan Black Friday, Cyber Monday strike
Thousands of Amazon workers from around the world are planning to strike again on one of the biggest shopping weekends of the year. This is the fifth holiday season in a row for Make Amazon Pay protests, when warehouse staff and delivery drivers strike in support of workers’ rights and climate action from Black Friday through Cyber Monday.
Employees in 20 countries, including the United States, United Kingdom, Germany and Japan, are demanding higher pay, the option to unionize, and a company commitment to environmental sustainability.
It’s all led by a pair of social and economic justice organizations, UNI Global and Progressive International.
“Amazon is everywhere, but so are we,” Progressive International’s Co-General Coordinator Varsha Gandikota-Nellutla said. “By uniting our movements across borders, we can not only force Amazon to change its ways but lay the foundations of a world that prioritizes human dignity, not Jeff Bezos’ bank balance.”
According to numbers from Amazon, employees in the U.S. can earn between $18.50 and $29.50 per hour depending on the position and location.
A 2023 report by the National Employment Law Project found that warehouse workers in areas with Amazon fulfillment centers make $822 less a month than warehouse workers in areas that don’t have Amazon fulfillment centers.
It’s not clear exactly how much more money Amazon workers are asking for, but they specifically want hazard pay and premium pay for peak times.
When it comes to environmental concerns, the advocacy groups are asking Amazon to commit to zero emissions by 2030 and to transition to electric vehicles.
An Amazon spokesperson said in a statement that it is already taking a proactive stance against climate change by becoming the world’s largest purchaser of renewable energy.
“These groups represent a variety of interests, and while we’re always listening and looking at ways to improve, we remain proud of the competitive pay, comprehensive benefits, and engaging, safe work experience we provide our teams,” Amazon said.
Amazon sets Black Friday, Cyber Monday records; COVID case anniversary
Today marks a grim COVID-19 milestone; Tesla unveils its electric semitruck; and Amazon hits record high. These stories and more highlight the midday rundown for Thursday, Dec. 1, 2022.
First COVID-19 case in China 3 years ago
Today is the three year anniversary of the first COVID-19 patient in China. It’s been three years since the first infection in China and there are still many questions surrounding the virus, including its origins.
“what we would really like to know is the details with the original people who were infected. We keep a completely open mind as to what the origin is,” said Director of NIAID Dr. Anthony Fauci.
COVID-19 wasted no time spreading around the globe, altering the way of life and killing more than 6 million worldwide. Deaths in the U.S. topped one million this year.
EU’s plan to cap Russian oil stalls
The European Union decided months ago it would ban the purchase of Russia’s crude oil in an effort to hurt Russia’s economy amid its conflict with Ukraine. They set a deadline for Dec. 5, but an agreement on how to execute the squeeze on Russia has yet to be settled among the 27 countries.
The world is too reliant on Russia’s crude oil for a complete ban. The countries concluded that would only send prices soaring and disrupt their own markets. So instead, they’re considering a price cap on how much Russian oil they’ll purchase.
The EU is still at odds over how high to set the cap. Many nations agreed to $60 per barrel. Without a full consensus, Russia will continue to rake in profits while the world considers how to implement repercussions.
Florida pulls $2 billion from BlackRock
Republican states are making their biggest move yet against a giant investment bank that’s accused of taking a political stance on where it invests money.
Florida is pulling $2 billion worth of assets managed by BlackRock. It’s the biggest divestment by a state opposed to BlackRock’s “environmental, social and corporate governance” policies.
BlackRock is accused of focusing on ESG investments and turning away from the fossil fuel industry. Louisiana and West Virginia have also transferred state funds out of BlackRock investments.
Tesla unveils all electric semi truck
Tesla is set to unveil its new all-electric 18-wheeler Thursday. Tesla semitrucks are finally hitting the road, three years later than originally planned.
Pepsi is set to receive the first electric semitruck during a delivery event after its reveal.
The truck’s battery power can reportedly last about 500 miles carrying an 80,000 pound load.
Record high of holiday sales on Amazon
For many Americans, packages are now arriving daily from online shopping orders placed over the weekend. From Black Friday to Cyber Monday, shoppers shelled out a record number of spending.
Amazon is now saying it was their biggest ever holiday shopping weekend on record. Inflation on prices was not a deterrent this year, with an estimated 200 million Americans participating in the holiday shopping rush.
Rosa Parks arrested on this day in history
It was on this day, 67 years ago, when a Black seamstress took a seat on the bus and was told to go to the back based on her skin color. Rosa Parks refused to give up her seat for a white passenger, and was arrested by police for her protest.
“As I look back on those days it’s just like a dream and only thing that bothered me was we waited so long to make this protest and let it be known wherever we go that all of us should be free and equal and have opportunities,” said Rosa Parks in a past interview.
Rosa Parks was later named the first lady of civil rights. Her protest created a law that prevented segregation on city buses.
World’s biggest volcano erupts, Black Friday and Cyber Monday break records
The World’s biggest volcano is erupting; a recall is issued for sippy cups; and this Cyber Monday could break records. These stories and more highlight the midday rundown for Monday, Nov. 28, 2022.
World’s most active volcano erupts
The world’s largest active volcano is erupting in Hawaii for the first time in nearly 40 years. Even though Mauna Loa has been dormant since 1984, officials have noticed an increase in seismic activity over the past few months. The volcano covers half of the island.
Lava is not threatening downhill communities, but there is an ash-fall advisory in place.
U.S. eases sanctions on Venezuela
Over the weekend, the Biden administration eased oil sanctions on Venezuela, and the Treasury Department granted Chevron permission to pump oil in Venezuela and expand its operations.
Venezuela was slapped with the sanctions 15 years ago for human rights abuses, drug trafficking and corruption. A vast portion of migrants entering the U.S. for asylum come from Venezuela to escape persecution. The move was an attempt to curb revenue to a country that holds the world’s largest oil reserves.
The Biden administration is easing sanctions after the Venezuelan government opened the door to its opposition party to discuss humanitarian crises.
Recall issued on stainless steel sippy cups
An important recall alert has been issued for parents of toddlers. Potential lead poisoning has caused thousands of sippy cups to be recalled. The stainless steel bottles from Green Sprouts are sold at popular retailers like Whole Foods and Bed Bath and Beyond.
The danger is that if the bottle breaks, it could potentially expose your toddler to a toxic metal that can cause poisoning if ingested.
Black Friday, Cyber Monday break records
It’s the most wonderful time of the year for retail, after a booming Black Friday set records on spending. Cyber Monday is projected to do the same thing.
Black Friday raked in more than 9 billion dollars in sales and now Cyber Monday is projected to break online purchasing record with $11 billion in sales.
Holiday promotions are tempting consumers even amid high inflation.
Word of the year: Gaslighting
“The word of the year for 2022 from Merriam-Webster is gaslighting. The act or practice of grossly misleading someone, especially for one’s own advantage,” said Merriam-Webster Editor at Large Peter Sokoloski.
Webster’s word of the year is “gaslighting.” Searches of the word on their website increased 1,700% compared to last year. It’s a term frequently heard on the dating scene.
Black Friday amid inflation; frustration over China COVID lockdowns
Americans take part in Black Friday amid record inflation; Musk grants Twitter amnesty; and Covid lockdown frustrations are growing in China. These stories and more highlight the morning rundown for Friday, Nov. 25, 2022.
Black Friday begins amid record inflation
It’s the biggest shopping weekend of the year and Americans are ready for deals after dealing with four-decade-high inflation all year. A record 166 million people are expected to shop now through Cyber Monday, up about 8 million from last year, according to the National Retail Foundation.
The group expects sales growth will slow to 6%-8% this weekend, down from last year’s 13.5% growth. And that’s not adjusted for inflation, so real spending could actually be down this year.
With high prices on the mind, shoppers are willing to wait for steep discounts, forcing retailers to extend Black Friday-like deals far beyond the holiday shopping weekend.
Elon Musk grants amnesty to suspended accounts
Elon Musk is giving blanket amnesty to suspended Twitter accounts that may have posted hate speech and other company violations. The new chief said he’d reinstate suspended users next week as long as they haven’t “broken the law or engaged in egregious spam.”
Musk continued the trend of making his leadership decisions via Twitter polls: 72% voted in favor of general amnesty.
This decision comes about a week after Musk reinstated former President Donald Trump’s account after another poll showed 52% of respondents in favor of the move. Trump has so far declined to tweet on the platform.
In other Twitter news, Musk tweeted today that the verified system will relaunch next Friday with different color checks for companies, government and people, which will all be manually verified.
The blue check system was put on pause after an explosion of imposter accounts.
Witness: Walmart shooter was going hunting
Employees who were in the break room of the Chesapeake, Virginia, Walmart are talking about what they saw when their supervisor opened fire on them, killing six coworkers.
One employee told the Associated Press it looked like he was going hunting and seemed to target people, even going back and shooting victims who were already dead. But others say he shot wildly.
“As soon as my team lead said, ‘All right, guys, you know, we have a light night ahead of us,’ I looked up and my manager turned around and he just opened fire on everybody in the break room. And it is by the grace of God that a bullet missed me,” witness Briana Tyler said.
The city of Chesapeake says at least two employees are still hospitalized, including one in critical condition.
The FBI went through the shooter’s home Wednesday searching for any clues in this Chesapeake tragedy.
Frustration over China COVID lockdowns grows
China is facing record COVID infections with outbreaks in every region of the country. Lockdowns continue to batter the economy as worker frustration grows.
Employees clashed with authorities at a major iPhone factory in the Henan province this week, rebelling over lockdown conditions and pay. Now, the company Foxconn is offering severance payments of $1,400 to get disgruntled workers to leave.
Conditions in China are rippling through the global oil market as experts see demand weakening. A measure of Asian crude consumption tumbled to a seven-month low.
U.S. takes on England at World Cup
The U.S. is facing a tough matchup against England today in the World Cup. After settling for a draw against Wales, the American team is fighting to get to the knockout stage in its group, going up against a team that’s not only a favorite, but cruising from its decisive 6-2 victory against Iran earlier this week. The kickoff is at 1 p.m. CST.
Meanwhile, one of the best players in the world went down with a severely sprained ankle Thursday. Brazil’s Neymar limped off as his team held on to win against Serbia.
Brazil is the overall favorite for the Cup, but it’s not clear whether Neymar will be able to play in its next match Monday against Switzerland.
Retail results a mixed bag before hottest shopping week of year
It’s the most critical time of the year for retail stores but Target isn’t feeling the holiday cheer. The company’s huge miss in earnings in the third quarter sent shares tumbling more than 16% Wednesday morning and forecast more doom for the company’s holiday season.
Target said shoppers were increasingly feeling the impact of inflation as the quarter dragged on and pulled back on spending toward the end of it, taking a sledgehammer to profits. Because of it, the company is planning for a weaker holiday season and is also strategizing to become leaner in the medium term, with a goal of cutting $2 billion to $3 billion in costs over the next three years. The company did not explain how it plans to meet that goal but said it is not planning for layoffs at this time.
In an effort to boost sales, Target has been trying to attract holiday shoppers early by advertising Black Friday discounts more than six weeks ahead of the day. Walmart also pushed early holiday rollback deals, in part to compete with Amazon’s Prime Day event.
Walmart echoed some of Target’s retail concerns in its earnings report this week, noting shoppers are spending more on needs than wants. But because Walmart has a robust grocery department and is attracting more high-income shoppers amid high inflation, the big-box store actually beat expectations.
The holiday picture
Retailers are currently gearing up for the biggest shopping week of the year, Cyber Week, which runs from Thanksgiving through Cyber Monday. Experts predict sales will still grow during this time but not by as much as some previous years.
Adobe forecasts Black Friday online sales will grow by just 1% on the year, while Cyber Monday will be up 5.1%, setting a record $11.2 billion in spending for the day. Adobe said early holiday deals are drawing away from typical Cyber Week spending.
Meanwhile, the National Retail Federation forecasts overall holiday sales will still grow between 6% and 8% for the 2022 season, but that’s a big dip from the 13.5% growth seen in 2021.
Retail sales strengthen
In October, retail sales grew more than expected at 1.3%, boosted by vehicle purchases and gasoline. The figure is adjusted for seasonal variation but not inflation. Gas stations saw a 4.1% increase on the month while auto dealerships saw a 1.3% increase, according to the Commerce Department. Grocery stores also saw a 1.4% increase in sales on the month.
Meanwhile, sales of electronics and appliances went down 0.3% on the month and 12.1% compared with a year ago. Department stores saw a 2.1% decline on the month for October.
“October retail sales data confirms that consumers continue to stretch their dollars on household priorities,” NRF President Matthew Shay said. “With a strong labor market and excess savings, we are expecting a solid 5-day holiday shopping weekend.”