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.
ReplyDeleteAmazon's corner in the market gives them an edge over other retailers. Although they did not have as much growth as in previous years, it still shows that Amazons accessibility has set them apart. Interesting how consumer behavior can impact the market in different ways.
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