Retail sales surged last week and online retailers captured most of the growth.
Total retail sales increased 9.0% year over year on Thanksgiving Data and Black Friday, according to First Data Corp., a major processor of payments for retailers both in stores and online. Online retailers accounted for 19% of the retail sales those two days versus 14.5% in 2015. That suggests that 69% of the retail growth went to online retailers and 31% to bricks-and-mortar stores.
The First Data statistics are significant because they provide a snapshot of web versus store sales based on transaction data from a large numbers of retailers. First Data says the information released today represents same-store sales from 846,124 bricks-and-mortar stores and 96,033 online retail sites. The company did not release sales in dollars.
Online sales peaked around 9 p.m. on Thanksgiving Day, after consumers’ holiday dinners, and around 11 a.m. the following day, which is frequently referred to as Black Friday.
Store sales shot up on Thanksgiving Day early in the evening as many major retail chains opened their stores, and early in the afternoon on Black Friday.
First Data also noted strong growth in consumer spending on the Wednesday before Thanksgiving, though it did not provide a percentage increase or a breakdown of web versus store spending. Much of the growth came in nonretail categories such as restaurant sales and travel purchases, but First Data also noted strong growth in such retail categories as groceries, discount stores and personal care products.Favorite