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☆ Cyber Monday set for record sales of $11.2 bln as shoppers wait for discounts
▼ + stars: | 2022-11-28 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

The Adobe Analytics report predicts spending on Cyber Monday to rise 5.2% as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages. "With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season's best deals," said Mastercard Chief U.S. U.S. shoppers also spent a record $9.12 billion online on Black Friday, according to Adobe Analytics. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls saw thinner crowds than usual.

☆ Black Friday online sales to hit new record, expected to top $9 billion
▼ + stars: | 2022-11-25 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Overall online sales for the day after Thanksgiving are expected to top $9 billion, according to Adobe, which tracks sales on retailers' websites. Typically, shoppers spend about $2 billion to $3 billion online in a day, according to Adobe. Adobe noted that mobile shopping also hit a record high this year, with sales from smartphones accounting for 55% of online sales on Thanksgiving Day. These sales are expected to account for 53% of total Black Friday sales, the company predicts. Cyber Monday is expected to be the biggest online shopping day, with sales slated to top $11.2 billion, the company forecast.

☆ I've worked at Kohl's for 9 Black Fridays. I get my fair share of pushy customers, but my favorites are the people who make a day of it.
▼ + stars: | 2022-11-25 | by ( Jenn Morson | ) www.businessinsider.com time to read: +6 min

MaryKate Murphy has worked every Black Friday at Kohl's for the last nine years. Murphy said a lot has changed since the pandemic, but working on Black Fridays is always fun. The store usually provides Wawa breakfast sandwiches for the early workers, pizza for lunch, and coffee during the day. Kohl's usually gives us an added employee discount around the holidays as well. At the end of the day, I usually head home exhausted, but I love working Black Friday and seeing all of the people having fun shopping together.

☆ With TV prices down 17%, Black Friday shoppers may find ‘excellent deals’
▼ + stars: | 2022-11-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Why TV prices are falling amid broader inflationAverage TV prices fell by almost 17% in October 2022 compared with the same month in 2021, according to the consumer price index. They're an outlier at a time when stubbornly high inflation led prices to climb steeply for a broad basket of consumer products. Manufacturers had cranked up production to historic highs to meet consumer demand — and retailers now have a glut of TVs, Kowalski said. Black Friday and Cyber Monday TV dealsRetailers have long used TV deals to draw in shoppers on Black Friday — the Friday after Thanksgiving and the traditional start to the holiday shopping season. watch nowSome Black Friday deals from retailers such as Best Buy have been jaw-dropping, especially for some well-known brands, said Julie Ramhold, consumer analyst with DealNews.

☆ Best Buy forecasts smaller drop in sales ahead of holiday season
▼ + stars: | 2022-11-22 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Best Buy Co Inc (BBY.N) on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season. Best Buy expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%. "Best Buy may be better positioned for the holiday season than other retailers," said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group. "We expect modest growth in consumer holiday spend this year and believe many companies hold too much inventory relative to demand, while Best Buy appears to have rightsized its holdings ahead of the season," Benowitz added. However, heavier discounts will take a toll on holiday-quarter profit margins, Best Buy warned.

☆ Best Buy forecasts smaller-than-expected drop in annual sales ahead of holiday season
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Best Buy Co Inc (BBY.N) said on Tuesday it forecast a smaller-than-expected drop in annual sales ahead of the holiday season, as steep discounts help soften the blow to electronics demand. Surging prices have driven down demand for non-essential products this year, forcing Best Buy and other retailers to opt for discounts and promotions to clear excess stock of products such as televisions, laptops and other electronics. Best Buy said it expects full-year comparable sales to fall about 10%, compared with a previous forecast of a decrease of about 11%. The company's comparable sales decreased 10.4% in the third quarter ended Oct. 29, compared with analysts' estimates of a 12.9% fall, according to IBES data from Refinitiv. Reporting by Uday Sampath in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Why Target will probably have the best Black Friday discounts this year
▼ + stars: | 2022-11-18 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Target will probably have the best deals this holiday shopping season, UBS analysts say. That's because Target has a glut of inventory it needs to get rid of during the holidays. "Since Target has been amongst the most impacted by having a glut of inventory this year, it will probably set the tone across several categories," the analysts wrote. The analysts visited Target stores and tracked how many items were on sale. They did note that Target's discounting has been less aggressive in categories like apparel and beauty.

In the United States and some other countries, 'Black Friday' is a bargain shopping day that marks the start of the holiday shopping season. The government contends the Oath Keepers plotted to use force to stop Congress from certifying President Joe Biden's election victory, with defendants Meggs, Watkins and Harrelson entering the building clad in tactical gear. Prosecutors also allege the Oath Keepers staged a "quick reaction force" in a nearby Virginia hotel, a plan which entailed stockpiling firearms that could be ferried across the river into the capital if needed. Then this week, defendant Thomas Caldwell, the only other defendant in this case apart from Rhodes who did not physically enter the building, also testified in his own defense. Caldwell later broke down crying as he recalled his wife's reaction on the day the FBI searched his home.

☆ Artificial light while asleep linked to higher diabetes risk
▼ + stars: | 2022-11-14 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +5 min

CNN —Sleeping in a room exposed to outdoor artificial light at night may increase the risk of developing diabetes, according to a study of nearly 100,000 Chinese adults. Urban light pollution is so widespread that it can affect suburbs and forest parks that may be tens, even hundreds, of miles from the light source, the authors said. “Studies have suggested that inconsistent sleep patterns have been linked to an increased risk of type 2 diabetes,” he said in a statement. Blood samples were collected and compared with satellite imagery of light levels in the area of China in which each person lived. The analysis found chronic exposure to light pollution at night raised blood glucose levels and led to a higher risk of insulin resistance and diabetes.

☆ Jeff Bezos' top tips for managing the economic downturn
▼ + stars: | 2022-11-14 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Washington CNN Business —Amazon founder Jeff Bezos recently warned consumers and businesses they should consider postponing large purchases in the coming months as the global economy contends with a downturn and faces a possible recession. The business leader offered his starkest advice yet on a faltering economy in an exclusive sit-down interview with CNN’s Chloe Melas on Saturday at Bezos’ Washington, DC, home. Meanwhile, small businesses may want to avoid making large capital expenditures or acquisitions during this uncertain time, Bezos added. If enough consumers follow through with Bezos’ advice, it could mean lower sales for Amazon, the e-commerce giant Bezos founded and that created the vast majority of the billionaire’s wealth. Bezos said the probability of economic conditions worsening makes it prudent to save some cash if it’s an option.

☆ Jeff Bezos’ top tips for managing the economic downturn
▼ + stars: | 2022-11-14 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

☆ Chinese brands outnumber foreign names among Singles Day best-sellers
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] A delivery worker wearing a protective mask rides an electric scooter across a street ahead of Alibaba's Singles' Day shopping festival, following a coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. Alibaba said Singles Day sales were in line with last year, when gross merchandise value rose 8.5%, the lowest since the company started the shopping event in 2009. For the first time, Alibaba did not announce sales data this year. Alibaba rival JD.com said that in the 28 hours from 8 p.m. on Oct. 31, Chinese brands accounted for 80% of the sales of the top 20 brands. ($1 = 7.1066 Chinese yuan renminbi)Reporting by Sophie Yu, Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Even with slower inflation, consumer sentiment weakened sharply in November, survey shows
▼ + stars: | 2022-11-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

On an annual basis, the headline index reading fell 18.8%, while the current conditions measure was off 21.5% and the future expectations measure slid 17%. The University of Michigan release comes a day after the Bureau of Labor Statistics reported that the consumer price index rose 0.4% in October, below the 0.6% estimate. "For low-income households in particular, higher prices for essentials limit discretionary spending, crimp savings, and contribute to higher credit card debt." Inflation expectations edged higher in the month despite October's CPI reading, which showed that year-over-year prices rose 7.7%, compared to 8.2% the previous month. The sentiment index reached its historic low in June as worries accelerate that the U.S. already was in recession or heading for one.

☆ Village near Kherson rejoices at Russian rout, recalls life under occupation
▼ + stars: | 2022-11-11 | by ( Jonathan Landay | ) www.reuters.com time to read: +5 min

Reuters could not independently verify those accounts and Russia's defence ministry did not immediately respond to questions about the allegations. In surrounding towns and villages, residents told of life under occupation following Russia's full-scale invasion of Ukraine on Feb. 24. LOOTING, DEATH, DISAPPEARANCESVillagers estimated that about 100 Russian troops had held Blahodatne. Villagers said that throughout the occupation, Russians broke into vacant homes and looted them, removing furniture and appliances such as televisions, stoves and refrigerators. At the entrance of Blahodatne, Ukrainian troops inspected a large stockpile of 120 mm mortar shells, some with their fuses screwed into their noses, abandoned by Russians in a dilapidated warehouse.

☆ TikTok's e-commerce plans may include enabling users to shop by voice, according to a trademark filing
▼ + stars: | 2022-11-10 | by ( Dan Whateley | ) www.businessinsider.com time to read: +3 min

TikTok is considering letting users shop by voice, according to a September trademark filing. The trademark application also showcased other areas of e-commerce that TikTok may break into. TikTok is considering releasing new technology that would enable users to shop by voice, according to a US trademark application filed in September by its parent company ByteDance. While TikTok can file a trademark application for any goods or services it wants, in order for the trademark to actually register, it would actually have to start offering them, Gerben said. And the company recently moved over one of its top advertising executives to focus on its TikTok Shop product in the US, the Financial Times reported.

☆ Early holiday shopping boosts October online spending - report
▼ + stars: | 2022-11-10 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - U.S. consumer spending rose in October as inflation-weary consumers took advantage of early holiday shopping discounts and deals offered by retailers including Amazon.com Inc and Walmart Inc (WMT.N), according to a report. Adobe Analytics reported online spending rose 10.9% to $72.2 billion in October compared with the prior month, but was on par with $72.4 billion a year earlier. According to the report, sales of holiday décor rose 189%, compared to daily average sales in August. Early October, Adobe forecast online sales in November and December to rise 2.5% to $209.7 billion, compared with an 8.6% increase a year earlier, as people would bring forward purchases to as early as October. However, this is expected to be the slowest pace at which U.S. online holiday sales will rise since at least 2015.

☆ Maersk CEO says shipping slowdown is signaling a recession
▼ + stars: | 2022-11-02 | by ( Julia Horowitz | ) edition.cnn.com time to read: +1 min

London CNN Business —The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. He thinks the United States is likely to follow “sometime next year.”Demand for bigger goods like televisions, couches or BBQs has also fallen after people made big purchases during lockdowns. Now, they won’t need to buy replacements for some time. “Once you buy that, you probably don’t have that demand again for another few years,” Skou said.

☆ Samsung boss Jay Y. Lee to build on late father's legacy
▼ + stars: | 2022-10-27 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

Lee, 54, has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012. That is a major business risk for Samsung, which counts both China and the United States as major markets. But Samsung insiders say his quiet, urbane manner disguises a steely determination Lee will need if he is to grow Samsung. As an only son, Lee was groomed by his father to take over the core business of Samsung Group, which his grandfather founded in 1938. Shares in construction affiliate Samsung C&T (028260.KS), in which Lee owns a 18% stake, rose as much as 7.1%.

☆ Black Friday vs. Cyber Monday Deals: Which are better?
▼ + stars: | 2022-10-26 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +10 min

Black Friday deals started in October this year, while Cyber Monday sales can extend a whole week with additional sales online. Beyond that, retailers generally launch their online Black Friday deals months before Thanksgiving, giving online shoppers a jump-start. “Cyber Monday will offer TV deals as well, but many retailers stick to the tradition of Black Friday TV doorbusters and really pump out those deals on Black Friday,” McGrath said. Cyber Monday typically outperforms Black Friday in terms of sales: Black Friday raked in $8.9 billion in 2021, while Cyber Monday hit $10.7 billion, according to data from Adobe Analytics. While Cyber Monday claims the top spot when it comes to e-commerce spending, Black Friday consistently narrows that gap as the number of online Black Friday sales increases exponentially.

☆ I'm a pawnbroker. Here's how I deal with shady customers, fakes, and the occasional boa constrictor.
▼ + stars: | 2022-10-26 | by ( Ingrid Cruz | ) www.businessinsider.com time to read: +7 min

I've been the president of the Mississippi Pawnbrokers Association for four years, and prior to that, I was a board member. Gas prices are also a common reason why people sell or pawn items now. When setting prices to buy an item, the pawnbroker has to make sure the client doesn't want to return for it. If a person wants to sell an item, we only have to hold onto it for 14 days. You used to have to check newspapers on Sundays to check an item's worth.

☆ What do Indians think about Rishi Sunak’s rise? Like UK-India relations, it’s complicated
▼ + stars: | 2022-10-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +13 min

Now, an Indian-origin man has become the Prime Minister of England,” a Zee News anchor said. Leon Neal/Getty Images Sunak and Boris Johnson watch as a sheep is sheared during a visit to a farm in North Yorkshire, England, in July 2019. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022. Indian Prime Minister Narendra Modi suggested as much in a tweet welcoming Sunak’s appointment.

☆ U.S. container imports tumble as supply stress gives way to slack
▼ + stars: | 2022-10-20 | by ( Lisa Baertlein | ) www.reuters.com time to read: +3 min

LOS ANGELES, Oct 20 (Reuters) - After more than two years of surging demand, the volume of container imports coming through U.S. ports has tumbled sharply, raising questions about where a sector once tracked as a supply-chain stress point will hit bottom. Container import volumes across all U.S. ports hit an all-time high in May and pulled back slightly before plunging in August and September. Volume surged as much as 40% from 2019 levels during the pandemic as retailers raced to meet soaring demand for goods. As recently as March, the Biden administration supply chain task force had tracked container imports as part of a "dashboard" to monitor the distress in the distribution of goods and a contributor to higher prices. Kemmsies said the August and September pullbacks in the volume of container imports is the result of retailers like Walmart (WMT.N) and Amazon.com (AMZN.O) cancelling billions of dollars of orders earlier this year.

His plea agreement requires him to testify at the trial against the Trump Organization, which operates hotels, golf courses and other real estate around the world. Register now for FREE unlimited access to Reuters.com RegisterJury selection is scheduled to begin on Monday in Manhattan state court. The Trump Organization could face up to $1.6 million in fines for the three tax fraud counts and six other counts that were brought. The company's lawyers also said prosecutors presented no evidence to the grand jury that returned the indictment that the Trump Organization evaded payroll taxes. Two other Trump Organization employees received compensation in the form of lodging and car leases, prosecutors said.

☆ YouTube expands audio and podcast advertising for brands
▼ + stars: | 2022-10-17 | by ( Sheila Dang | ) www.reuters.com time to read: +1 min

Oct 17 (Reuters) - Alphabet Inc's (GOOGL.O) YouTube will expand ways for advertisers to reach music and podcast listeners and viewers on connected televisions, the company said on Monday. The announcements come as the advertising industry has struggled amid record-high inflation and supply-chain disruptions, which have caused some brands to pull back on marketing budgets. The streaming video platform said it will expand audio advertising globally to allow brands to market to people who use YouTube to listen to music or podcasts. Although YouTube is better known for watching video, the platform is the second-most popular service for listening to podcasts, the company said, citing a report by Edison Research. Brands can purchase the package to "own" major moments, such as sporting events or product launches, Weinstein said.

The RBI's Monetary Policy Committee (MPC), established in 2016, is mandated to keep inflation within 2 percentage points on either side of its 4% target. Reuters GraphicsGarima Kapoor, an economist at Elara Capital, said retail inflation was likely to ease to an average of 6% only by January-March. "We expect the Monetary Policy Committee (MPC) to hike policy repo rate by another 40-50 bps this financial year," she said, and higher inflation could mean further rate hikes. Annual retail inflation (INCPIY=ECI) in September was higher than the 7.3% forecast by economists in a Reuters poll, and above 7% the previous month, data released by the National Statistics Office on Wednesday showed. Food inflation, which accounts for nearly 40% of the CPI basket, rose 8.60% in September, compared to 7.62% in August.

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