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