Shoppers walk around Twelve Oaks Mall on November 24, 2023 in Novi, Michigan.
Emily Elconin | Getty Images
Retailers are cheering after shoppers spent big on gifts and decor in the days after they gobbled up turkey and stuffing.
But the strong showing does not necessarily mean those companies will have blowout success in their all-important holiday quarter.
Online spending shot up by nearly 8% year over year to $38 billion during the five-day period from Thanksgiving Day to Cyber Monday, according to Adobe Analytics. A record high of 200.4 million shoppers went to retailers’ stores and websites over the same period, according to a survey by the National Retail Federation. And Ulta Beauty and Foot Locker’s shares rose this week, after the companies reported better-than-expected earnings and a strong start to holiday spending on sneakers, makeup and more.
But some unique factors may have driven those early sales, including wider adoption of online shopping, deeper discounting levels and…
2023-12-03 08:00:01
Post from www.cnbc.com