On February 28, consumers participated in an "economic blackout," a one day boycott aimed at reducing spending, with an emphasis on supporting local businesses. The boycott led to declines in e-commerce traffic and in-store foot traffic for major retailers like Target and Walmart, while Amazon sales remained largely unchanged.
- Amazon: Sales increased by 1% compared to the previous eight Fridays' average.
- E-commerce Traffic: The top 100 online retailers saw a 6% year-over-year decrease and a 4% drop from the prior Friday.
- Target: Web traffic declined by 1.0%, while app traffic dropped by 10.9%. In-store foot traffic also fell.
- Walmart: Website traffic was down 6.5%, and app usage declined by 2.5%. Brick-and-mortar stores saw fewer visitors.
- Costco: Website traffic increased by 8.3%, but app traffic decreased by 6.9%.
I feel like these shifts in consumer behavior really go to show how quickly habits can change, and I believe this could influence future spending patterns that we see in the future.
ReplyDelete