Cyber Monday sales to hit $11.6 billion as shoppers go discount hunting
 
 
 
 
 
 

Cyber Monday sales to hit $11.6 billion as shoppers go discount hunting

/ 10:53 AM November 28, 2022

Spending on Cyber Monday, the biggest U.S. online shopping day, may hit a record $11.6 billion, according to a report, as discounts on everything from pajamas to AirPods drive shoppers to click “add to cart” even under the strain of inflation.

The Adobe Analytics report predicts Cyber Monday spending of $11.2 billion to $11.6 billion, an increase of up to 8.5% from a year earlier, as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns.

ADVERTISEMENT

Adobe Analytics, which measures e-commerce by analyzing website transactions, has access to data covering purchases at 85% of the top 100 internet retailers in the United States.

Cyber Monday sales to hit $11.6 billion as shoppers go discount hunting

Workers select and pack items during Cyber Monday at the Amazon fulfilment center in Robbinsville Township in New Jersey, U.S., November 28, 2022. REUTERS/Eduardo Munoz

Cyber Monday sales fell 1.4% last year as retailers spread promotional deals across weeks from October to better manage inventories amid widespread product shortages.

However, big single-day shopping events appear to be back in vogue this year. Major retailers, including Target, Macy’s, and Best Buy, expect a return to pre-pandemic shopping patterns.

Target’s website on Monday advertised discounts of up to 40% on Hot Wheels toys and holiday decor, while Amazon offered up to 70% off on its Echo speakers. Walmart and Best Buy websites also showed discounts on high-end laptops and televisions worth hundreds of dollars.

Cyber Monday sales to hit $11.6 billion as shoppers go discount hunting

A worker selects and packs items during Cyber Monday at the Amazon fulfillment center in Robbinsville Township in New Jersey, U.S., November 28, 2022. REUTERS/Eduardo Munoz

“Shoppers are waiting out the season in anticipation of deeper discounts and are less susceptible to shiny objects,” said Carol Spieckerman, president of consultancy Spieckerman Retail.

“With Walmart and Target closing stores on Thanksgiving, Cyber Monday represents a make-or-break benchmark.”

Shoppers will find record computer discounts today, peaking at 27% off the listed price. At the same time, Adobe said all other categories, including apparel, toys, and furniture, also have double-digit discounts.

According to Adobe Analytics, U.S. shoppers spent a record $9.12 billion online on Black Friday. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls saw thinner crowds than usual.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Don't miss out on the latest news and information.
TAGS: cyber monday, Cyber Monday Record sales, discount sales
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.




We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.