Jon Abt, co-president and a grandson of the founder of Abt Electronics, said that holiday shopping has been robust and so far overall sales are up 10% compared to a year ago. But he thinks Cyber Monday sales will be down at the Glenview, Illinois-based consumer electronics retailer after such robust growth from a year ago, and he worries about how the rest of the season will fare given the new variant.
“There are so many variables,” Abt said. “It’s a little too murky.”
Here is how the season is shaping up:
CYBER MONDAY STILL KING BUT COOLING:
Consumers are expected to spend between $10.2 billion and $11.3 billion on Monday, making it once again the biggest online shopping day of the year, according to Adobe. Still, spending on Cyber Monday could drop from last year’s level of $10.8 billion as Americans are spreading out their purchases more in response to discounting in October by retailers, according to Adobe.
Both Black Friday and Thanksgiving Day online shopping came in below Adobe’s prediction. On Black Friday, online sales reached $8.9 billion, down from the $9 billion in 2020, the second largest day of the year. On Thanksgiving Day, online sales reached $5.1 billion, even from the year-ago period.
Harley Finkelstein, president of Canadian e-commerce platform Shopify, which has 1.7 million independent brands on its site, says so far Cyber Monday is off to a strong start. Sales on his platform were up 21% on Black Friday compared with 2020 and more than double compared with 2019. He believes that independent brands will see better percentage sales gains online than big national chains as shoppers gravitate more toward direct-to-consumer labels and look for brands with social conscience. And he says these brands have been able to get the inventory. Among some of the hot items on Shopify are children’s couches from Nugget and luxurious linens from Brooklinen.