Adobe
ADBE,
data from November to December shows that, for the first time ever, every day of the holiday shopping season exceeded $1 billion in online sales.
The average daily online revenue was $3.2 billion, up 32% from $2.3 billion last year.
Total online sales were $188.2 billion, up 32.2%.
“With online shopping already heightened coming into the season due to early discounting and improved mobile shopping experiences, we saw revenue levels increase over Thanksgiving week and give way for record-breaking Black Friday and Cyber Monday at $9B and $10.8B respectively,” said Taylor Schreiner, director of Adobe Digital Insights, in a statement .
“Now, as COVID-19 cases continue to rise and more stringent lock-down measures return, online spending is expected to stay elevated, at least for the early part of 2021.”
Read: Kohl’s and Ralph Lauren upgraded as analysts examine 2021 retail sector expectations
Five Below Inc.
FIVE,
said during Tuesday premarket that it had a successful holiday season, with sales up 21.1% to $722.3 million.
Five Below shares closed Monday up 3.4% to $189, a record, and have rallied nearly 57% over the past year.
In addition to driving online sales, COVID-19 also drove greater use of the buy-online-pickup-in-store (BOPIS) and curbside pickup services.
And the holiday season gave malls, which have been struggling since before the pandemic, a much-needed boost. After visits to malls sank more than 42% in November as COVID-19 cases surged, there was a rebound in December, according to Placer.ai data.
“December once again showed the resilience of consumer demand and the desire of shoppers to return to top malls. Visits were down just 32.4% year over year, only slightly behind the mark set in October,” wrote Ethan Chernofsky, Placer.ai’s vice president of marketing, in a recent report.
Looking ahead to the rest of 2021, Adobe says some of the online trends that will persist include more contactless shopping and higher cost to ship items when free shipping isn’t an option.
Also: JPMorgan sees ‘significant growth potential’ for Wish shopping app
The Amplify Online Retail ETF
IBUY,
has soared nearly 131% over the past year while the benchmark S&P 500 index
SPX,
is up 15.6% for the period.
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