Spending on Cyber Monday, the biggest US online shopping day, may hit a record $11.6 billion, a report has shown, as discounts on everything from pyjamas to AirPods drive shoppers to click “add to cart” even under the strain of inflation.
The Adobe Analytics report is predicting Cyber Monday spending of between $11.2 billion to $11.6 billion, an increase of up to 8.5 per cent 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 analysing transactions on websites, has access to data covering purchases at 85 per cent of the top 100 internet retailers in the US.
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 Amazon offered up to 70 per cent off on its Echo speakers. Walmart and Best Buy websites also showed discounts worth hundreds of dollars on high-end laptops and televisions.
“Shoppers are waiting out the season in anticipation of deeper discounts and are less susceptible to shiny objects,” said Carol Spieckerman, president at consultancy firm Spieckerman Retail.
“With Walmart and Target closing stores on Thanksgiving, Cyber Monday represents a make-or-break benchmark.”
Shoppers will find record discounts today for computers, peaking at 27 per cent off listed price, while nearly all other categories, including apparel, toys and furniture, also have double-digit discounts, Adobe said.
US shoppers spent a record $9.12 billion online on Black Friday, Adobe Analytics reported. However, with sporadic rain in some parts of the country, brick-and-mortar stores and malls welcomed thinner crowds than usual.