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MarketWatch MarketPulseNov 29, 2022
Online shoppers 'held out' for Cyber Week this year, Salesforce says
Online sales during this year's Cyber Week rose 2% year-over-year to a record $281 billion worldwide, Salesforce said on Tuesday, as customers zeroed in on discounts amid decades-high inflation during the holiday shopping period, which runs from Thanksgiving through Cyber Monday. The company, which analyzed shopping data from 1.5 billion consumers, said that after "lackluster" deals earlier in the season, retailers poured on the markdowns more aggressively as Cyber Week began. "The data showed a departure from Cyber Weeks in 2020 and 2021, when online shopping was increasingly spread throughout the month of November," Salesforce said in a release. "In comparison, 2022 data show both shoppers and retailers held out for Cyber Week as retailers worked to limit discounts that increased margin pressures and consumers searched for better deals - contributing to the largest spike in U.S. digital sales growth in the last six weeks." While Salesforce noted weakness in the UK and Europe, which are feeling the pain of an energy crisis, Cyber Week sales in the U.S. rose 9% from 2021 to $68 billion.

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