Markets
Infographic: The Numbers Behind Black Friday
For American retailers, Christmas comes a month earlier.
Starting in late-November, the holiday shopping season officially kicks into high gear – and it’s the beginning of a month-long stretch that can either make or break retailers.
Black Friday is the shotgun start for this mad scramble of consumerism. And whether you are waiting in line to get a Turbo-Man doll, or you are constantly refreshing your browser window for the latest deal on Amazon, it’s a spectacle all the same.
Black Friday Numbers
Today’s infographic comes to us from AppInstitute, and it breaks down the numbers behind Black Friday, the centerpiece of the shopping extravaganza for retailers in the United States.
In totality, the holiday season generated $688 billion of revenue for retailers in the United States in 2017 – and $108.2 billion of this came from online purchases, which are seeing double-digit growth each year.
Impressively, about 15% of all online holiday revenue comes in the four-day span between Black Friday and Cyber Monday. The two days (Black Friday, Cyber Monday) are the two highest volume online shopping days of the year.
Source: Adobe
Online or Offline
Do shoppers take advantage of deals at home or in store?
It appears to be a mix of both, according to comprehensive data from Adobe for the 2017 shopping season:
- 16% shopped entirely in stores
- 29% shopped mostly in stores, and a little online
- 26% shopped equally in stores and online
- 20% shopped mostly online, and a little in stores
- 9% shopped entirely online
This means for most people, shopping is an omni-channel experience – they are comparing options in their heads between online (desktop, mobile) and offline channels.
An Even Bigger Day For Online Sales
While Black Friday is an impressive kickoff day for online and offline sales, there is an even bigger one-day online equivalent in China.
On Black Friday, online sales total about $5 billion – this is just a drop in the bucket compared to Alibaba’s Single’s Day, which sold $30.8 billion in a 24-hour period on November 11, 2018.
On Single’s Day in 2018, it took fewer than 90 seconds to hit $1 billion in online sales.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
| Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
|---|---|---|
| EURO STOXX 50 | 14.9 | 2.2 |
| STOXX Europe 600 | 14.4 | 2 |
| U.S. | 25.9 | 4.7 |
| Canada | 16.1 | 1.8 |
| Japan | 15.4 | 1.6 |
| Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
| EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
|---|---|---|---|---|---|---|
| EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
| STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
| U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
| Canada | 1.00 | 0.22 | 0.40 | |||
| Japan | 1.00 | 0.88 | ||||
| Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
| Index | Description | Market Cap |
|---|---|---|
| STOXX Europe 600 | Pan-regional, broad market | €10.5T |
| STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
| STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
| STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
| EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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