Black Friday and Cyber Monday: Tech helps consumers to keep spending
Cyber Week, the post-Thanksgiving period of mass retail discounts - which includes Black Friday and Cyber Monday - remained resilient in 2023, as hordes of shoppers sought out bargains.1
Tech supports sales growth
AI helped drive sales growth - $51bn of Black Friday and Cyber Monday spending was influenced by AI via targeted offers, product recommendations and generative AI chat services. A record 79% of Cyber Week e-commerce traffic came via mobile phones, up from 76% in 20222 .
Singles Day: China's biggest shopping event
Meanwhile in China, Singles Day sales continued to rise despite a sluggish economic backdrop.
Singles Day originated in 1993 in China in response to Valentine's Day as a celebration of being single. It is known as the 'Double 11' shopping festival and takes place on 11 November.
Gross merchandising volume sales across major e-commerce platforms over the Singles Day sales period was estimated to have risen to $156bn in 2023, up 2.1% on the year before.7
More than 5.26bn packages were delivered by China’s state postal service across the 11-day shopping holiday.8
Technology, including mobile phones and more recently artificial intelligence, is helping boost e-commerce growth, making it easier for retailers to reach and market to customers.
Jeremy Gleeson, CFA
Portfolio manager, AXA Investment Managers