Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners.
“Paced by the ‘Big Four’ mega-retailers -- Walmart, Amazon, Costco and Target -- Super Saturday was boosted by the best traffic our team has seen in years,” said Craig Johnson, president of the retail research firm.
Job growth and fatter wallets, along with stronger household finances, have put consumers in a buying mood this season, Johnson said. And more of them are shopping online. As retailers offer improved web platforms, online spending so far this season has accounted for 58% of sales growth from a year earlier, he said.
Super Saturday’s results topped Black Friday’s $31.2 billion in sales by 10%. The next biggest shopping days were Dec. 14, with $28.1 billion, and Cyber Monday, with $19.1 billion.
While foot traffic was down at most malls, the conversion rate, or the percentage of people who go to malls and make a purchase, rose, Johnson said. Even long-struggling department stores “had their best weekend of the season,” he said.
“The question now is whether today’s stellar momentum leads to sustained economic growth into 2020 and beyond,” he said.