Amazon kicked off the holiday shopping season with record sales over the post-Thanksgiving weekend, as the broader retail industry hopes a strong economy will spur historic consumer spending in the coming weeks.
The e-commerce giant recorded more sales on the Monday after the holiday — known as Cyber Monday — than any other day in its history, the company said in a statement on Tuesday. Amazon also said it had a record-breaking “Turkey 5,” a reference to the five shopping days between Thanksgiving and the following Monday.
Combined, customers on Black Friday and Cyber Monday “ordered more than 18 million toys and more than 13 million fashion items” from Amazon.
“Customers love shopping for deals to kick off the holiday shopping season,” said Jeff Wilke, head of Amazon’s consumer division.
Prior to the official launch of the holiday shopping season, Amazon said it would offer free shipping to all customers, a promotion that’s typically reserved for its Prime subscription members and one that came after Target announced it would also offer two-day free shipping.
The competing promotions highlight the significance of the next few weeks for retailers, a time period during which most companies make a significant portion of their annual earnings. This year, the industry is hoping for a blockbuster season as the strong economy fuels high consumer sentiment. The GOP-led tax cuts also increased take-home pay for most individuals.
Investors appear pleased with early readouts from top retailers. Stocks for Amazon, Target, Walmart, Best Buy, Nordstrom, and others all closed with gains on Monday in New York trading.
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