Spending on Cyber Monday, the biggest US online shopping day, is set to hit a record $11.2 billion, according to a report, as discounts on everything from clothes to TVs drive shoppers to click “add to cart” even as stubbornly high inflation persists.
The Adobe Analytics report predicts spending on Cyber Monday to rise 5.2 per cent 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 analysing transactions at websites, has access to data covering purchases at 85 per cent of the top 100 internet retailers in the United States.
Cyber Monday sales fell 1.4 per cent last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread product shortages.
However, big single day shopping events appear to be back in vogue this year with major retailers including Target, Macy’s and Best Buy expecting a return to pre-pandemic shopping patterns. Target’s website on Monday advertised discounts of up to
40 per cent on Hot Wheels toys and holiday decor, while Walmart and Best Buy websites showed deals worth hundreds of dollars on high-end laptops and televisions.
“With holiday promotions kicking off long before the Thanksgiving weekend, consumers have been shopping strategically for the season’s best deals,” said Mastercard Chief US Economist Michelle Meyer.
US 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.
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