Shares of Amazon and other e-commerce platforms like Shopify rallied on Monday following reports of robust online spending kicking off the holiday season. According to data from Adobe Analytics, consumers spent a record $9.8 billion online on Black Friday 2022, up 7.5% year-over-year.
The better-than-expected sales reinforced views that consumer demand remains healthy heading into the peak winter shopping period despite high inflation and economic uncertainty. Adobe actually raised its overall holiday e-commerce forecast to $209.7 billion, a 2% increase from 2021.
The numbers validate the resilience of leading online retailers like Amazon even amidst cost-of-living pressures on lower and middle income buyers. Wealthier households retain high savings and disposable income to splurge during the holidays. Investors viewed the Black Friday figures as evidence both Amazon and its retail rivals will enjoy strong activity over coming weeks.
Bullish sentiment around e-commerce demand also lifted stocks across the sector like Shopify, Etsy and Wayfair on Monday. With Cyber Monday expected to break new records, analysts believe leading digital shopping platforms like Amazon remain positioned to generate solid revenue despite consumers showing selectivity around purchases in certain discretionary categories.
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