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Record Black Friday Online Spending Boosts E-commerce Stocks

2023-11-30 05:12:45.733000
[num] CNBC

In a boost to the e-commerce sector, Black Friday shoppers in the United States set a new record by spending $9.8 billion online, a 7.5% increase from last year. This surge in online spending is seen as a positive sign for retailers, particularly e-commerce platforms like Shopify, Etsy, and Wayfair, whose stocks rallied in response to the news. Cyber Monday sales are also expected to reach $12.4 billion, further fueling the optimism in the e-commerce industry. The popularity of buy-now-pay-later services like Affirm, Klarna, and Afterpay contributed to the increase in online spend, with a 13.4% rise in usage. Additionally, new entrants like TikTok and Temu ran their own promotions, further driving online sales. The strong performance of e-commerce stocks reflects the growing importance of online shopping and the potential long-term effects on brick-and-mortar stores. [90249701]

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