Discounts and holiday deals are driving consumers to spend

Consumers took advantage of heavy discounting by online retailers to start up the holiday shopping season in high gear.

Consumers took advantage of heavy discounting by online retailers to start up the holiday shopping season in high gear.

According to Adobe Analytics, record online spending on Thanksgiving and Black Friday drove Cyber Week — Thanksgiving through Cyber Monday — to $35 billion in total sales, itself a record and up 4% from last year.

The numbers were driven by discounts across categories, with peak deals of 34% off the prices of toys, 25% off electronics like computers and TVs and 18% off apparel.

“With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” Vivek Pandya, a lead analyst at Adobe Digital Insights, said in a statement. “It spurred online spending to levels that were higher than expected, and reinforced e-commerce as a major channel to drive volume and capture consumer interest.” 

Top-selling toys included Pokémon cards, Legos, Hot Wheels, Disney's “Encanto”-branded merchandise, LOL Surprise dolls, Cocomelon and Hatchimals, Adobe Analytics said.

https://www.nbcnews.com/business/consumer/discounts-holiday-deals-driving-consumers-spend-cyber-week-rcna59185


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