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Amazon.com said on Wednesday it record ed its biggest ever Thanksgiving weekend this year as shoppers, undeterred by inflation, scooped up everything from New Balance sneakers to Nintendo Switch gaming consoles. Fire TV Sticks, AirPods and Champion clothing were among the top-selling items, Amazon said. Amazon did not provide a total sales figure for the weekend , but noted shoppers generated more than $1 billion in sales for small businesses in the United States. The National Retail Federation said on Tuesday a record number of 196.7 million people shopped during the five-day period from Thanksgiving through Cyber Monday, while Adobe Analytics said Cyber Monday sales rose to $11.3 billion, making it the biggest U.S. online shopping day in history. Source: https://companiesbio.com/amazon-records-biggest-ever-thanksgiving-shopping-weekend-CBIO950.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Business News Post by: Compa...

Alibaba broke tradition by not releasing total sales for its Singles' Day shopping festival this year. Pictured here are advertisements for the festival in a Shanghai subway station on Nov. 10, 2022. Bloomberg | Bloomberg | Getty Images BEIJING — China's Covid controls disrupted Alibaba 's ability to deliver packages, the company said, dragging down the e-commerce giant's sales in a competitive market. "The resurgence of Covid has affected one area after another, resulting in abnormal or suspended logistic service in different places," Alibaba CEO Daniel Zhang said during a quarterly earnings call Thursday, according to FactSet. "This hurt merchant operations and consumer logistics experience." related investing news Nvidia's results suggest its gaming business is close to a bottom, analysts say Samantha Subin 17 hours ago Disruptions affected nearly 15% of delivery areas in China starting in October and through the 11.11 shopping festival...

One reason inflation has held its grip on the U.S. economy is that American consumers continue to spend, seemingly undeterred by the price increases, which has in fact helped to fuel them. But how much longer will all that spending last? The combined impact of federal relief during the earliest months of the pandemic, the soaring stock market that followed and record-low unemployment left consumers flush with cash, prompting many to splurge on everything from homes to new and used vehicles and vacations. But all of that spending helped to create a supply squeeze that led to the very price increases that now bedevil shoppers. To counteract the unprecedented demand for goods and services, the Federal Reserve has hiked its key interest rate to a level not seen in years. That has caused the stock market to tank, home price growth to grind to a halt, and interest rates for things like automobiles and credit cards to soar. As a result, economists are increasingly forecasting a significant ec...