Thanksgiving feasts didn't stand in the way of Americans spending big online. Firms tracking e-commerce said spending on the holiday hit record levels. Amazon stock closed slightly higher in a short trading day Friday.
Consumers spent a record $6.1 billion online on Thanksgiving, up 8.8%, according to Adobe. That marked an acceleration from the 5.5% spending growth Adobe tracked last year.
"Cyber Week is off to a strong start, where bigger-than-expected discounts on Thanksgiving propelled impulse shopping in categories like electronics and apparel," said Adobe Digital Insights analyst Vivek Pandya in a news release.
Adobe tracks online spending data across U.S. retailers based on its analytics offerings. Salesforce, meanwhile, estimated that American e-commerce spending grew 8% to $8.1 billion, based on data from its Commerce Cloud and other tools.
On the stock market today, Amazon stock gained 1% to close at 207.89 in a shortened Friday trading day. The picture was mixed among other e-commerce players. Shopify gained nearly 3% while eBay closed 1.2% lower. Walmart gained a fraction.
Amazon And Walmart Offer Early Deals
There are five fewer days than average for the traditional shopping window between Thanksgiving and Christmas this year. That has retailers starting their deals earlier than usual. Amazon started offering Black Friday discounts on Nov. 21, eight days early. Walmart's Black Friday deals kicked off Monday.
The short shopping window could give Amazon an advantage over other online retailers, Wedbush Securities analysts recently said, given its speedy delivery times.
According to Adobe, discounts have been strongest on toys thus far, peaking at an average of 27.2% off sticker price across online retailers. Electronics were second, with discounts peaking at 26.5% on average for Thanksgiving Day.
People shopped largely on their phones during the holiday. Mobile devices represented 59.5% of all spending, according to Adobe, with total mobile spending up 10.5% year-over-year.
Amazon will be blasting advertisements of its discounts during an NFL game broadcast on Prime Video later Friday. Amazon broadcast the first Black Friday NFL matchup last year.
Adobe expects consumers will spend a record $10.8 billion online for Black Friday, up 9.9% year-over-year.
Amazon Stock Closes The Week Up 5.5%
Amazon stock has gained 37% year-to-date. This week was a strong one for Amazon, after it had pulled back in recent weeks from all-time high of 215.90 on Nov. 14.
Shares advanced 5.5% this week. Amazon stock retook a former 201.20 consolidation pattern buy point, according to IBD MarketSurge. Shares first broke out past that level on Nov. 6 as part of a broader rally following the election of Donald Trump to a second presidential term.
