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A USPS worker unpacks packages from a truck on Dec. 02, 2019 in San Francisco. Photo: Justin Sullivan/Getty Images

Cyber Monday has never been more meaningless, given the kickoff of the holiday season this year has been more virtual than ever thanks to the pandemic.

Why it matters: Consumers spent roughly $9 billion online on Black Friday, a 22% jump from last year's previously record high, according to Adobe Analytics.

  • Still, Adobe anticipates even bigger online sales: Cyber Monday sales are estimated to hit between $10.8 billion and $12.7 billion, which would represent growth of 15% to 35% from 2019.

Between the lines: Real-time shopping data from both RetailNext and Sensormatic Solutions showed in-store traffic plunged by roughly 50% compared to last year's Black Friday.

  • Keep in mind: In-store traffic on Black Friday was already on the decline. Per Sensormatic Solutions, foot traffic fell over 6% in 2019 from the prior year. In 2018, in-store shopping fell by 1.7% compared to 2017.

Yes, but: The stronger-than-expected Black Friday may not be enough to boost overall holiday sales.

  • "To avoid stockouts and delivery delays, many consumers are pulling their holiday spending forward, which could result in disappointing sales in December," Sarah Wyeth, lead retail analyst at S&P Global Ratings, wrote in a note.
  • S&P estimates holiday sales will grow at a "meager" 0.3% rate this year.

Go deeper

Home sellers reaped record profits in 2020

Data: ATTOM Data Solutions; Chart: Axios Visuals

People who sold a median-priced home or condo last year made a typical profit of $68,843, the highest figure since at least 2005, according to real estate data provider ATTOM Data Solutions.

Why it matters: While homeownership is still elusive for Americans on bottom income rungs, it's proving to be a slot machine jackpot for the "haves," whose properties have grown more attractive thanks to pandemic lifestyle changes.

Dion Rabouin, author of Markets
Jan 28, 2021 - Economy & Business

Apple raked in $111 billion in revenue in a single quarter

Expand chart
Data: FactSet; Chart: Axios Visuals

Big Tech had a strong start to earnings season, as the S&P 500's heavy hitters reported Wednesday after market close.

What happened: Spurred by strong sales of the latest iPhones, Apple had its strongest quarter ever, raking in $111.4 billion in revenue for the three months ended Dec. 31, far outpacing expectations.

Former Blizzard CEO says he "failed” women at the studio

Image: Neville Elder / Getty Images

Mike Morhaime, who co-founded and worked at video game studio Blizzard for 28 years, has apologized publicly for toxic work conditions at his former studio, which is now the subject of a discrimination and harassment lawsuit by the state of California.

Why it matters: Morhaime is no longer at Blizzard, but was its leader for most of its existence and therefore was in charge when much of what is alleged in California’s suit would have occurred.

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