For the first time in history, Black Friday sales were down from the previous year. Consumers may have postponed some of their purchases for Cyber Monday, November 29. The stock of Internet behemoth Amazon.com Inc. (NASDAQ: AMZN) climbed 1.63 percent to $3,561.57 on this day.
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The increase in Amazon prices in the trading on Monday underscores investors’ expectations for Internet buyer activity following a comparatively poor “Black Friday” this year.
For the first time in the history of tracking such expenditure, Black Friday sales declined year over year. According to Amazon, consumers spent $8.9 billion on Friday, slightly shy of the all-time record of $9 billion set last year. On Monday, November 29th, Amazon expects that online retailers will record another $10 million in sales.
The earlier start of sales this year has resulted in a drop in Black Friday sales. Retailers were concerned about internet competition and unsure if customers would want to visit the store on Friday. Early November may have been a good time to get a good deal. As a result, there was no value in deferring a trip to the shop for a specific day; it was simply a nod to custom.
The discovery of a new coronavirus strain last week has added to the uncertainty. According to Amazon, it’s too early to tell how this may effect consumer behaviour in the following weeks. Because of the uncertainties around the omicron strain, consumers may be more inclined to purchase online.