Cyber Monday was the biggest online shopping day ever

Holiday shoppers set records over Thanksgiving weekend

Last year, $658 billion was spent on holiday shopping, the National Retail Federation said, noting that online sales accounted for $123 billion of that total - and the share of online sales this year is expected to increase.

Thanksgiving and Black Friday, when shoppers spent $7.9 billion and bought more on their mobile devices than a year ago, had also generated record online sales.

From Thanksgiving Day through Cyber Monday, the average shopper spent $335.47, with $250.78, or 75 percent, going toward "gifts".

He said 91 percent of consumers still have shopping to do over the next month, and 90 percent of them expect promotions and discounts to be similar to those offered by retailers over Thanksgiving weekend. The top two days that consumers shopped online were Cyber Monday with more than 81 million and Black Friday with more than 66 million. As of last night, Cyber Monday was on track to hit $6.57 billion in sales, up almost 17 percent from 2016, making it the biggest one yet.

Shay said that although some say that retail stores are in their death throes, 24 of the top 25 e-commerce sites are still legacy brick-and-mortar retailers such as Walmart and Best Buy. Online revenues are 13.8% higher compared to previous year.

Older millennials (ages 25 to 34) were the biggest spenders, with an average output of $419.52, the federation said. "From good weather across the country to low unemployment and strong consumer confidence, the climate was right, literally and figuratively, for consumers to tackle their holiday shopping lists online and in stores", NRF Chief Executive Matt Shay said on the call with reporters.

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Retail stocks were up broadly today as department store chains and big-box stores continued to rally on bullish reports on the holiday weekend and key selling days like Black Friday and Cyber Monday. There were 58 million consumers who only shopped online compared with 51 million who stuck to the stores, according to the data. The average order value (AOV) of a Cyber Monday purchase was $103, down from $106 in 2016, and $10 less than the AOV of Black Friday purchases. Though, retail research firm ShopperTrak said store traffic fell less than 1 % on Black Friday, bucking industry foresight of a sharper decline. Other popular destinations were electronic stores (32 percent) and discount stores (31 percent), according to NRF's survey of roughly 3,200 consumers.

What's also interesting, though not at all surprising, is that the number of transactions being completed via mobile devices is on the rise.

The busiest shopping day of the year was busier than all busy days in the past, according to computer software giant Adobe.

Black Friday online sales were stronger than forecasted, but footfall slowed significantly over the weekend.

Online merchants racked up a record $6.59 billion on Cyber Monday alone, the company found.

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