Spending on Cyber Monday, the biggest U.S. 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% 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 transactions at websites, 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 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 Corp (TGT.N), Macy’s Inc (M.N) and Best Buy Co Inc (BBY.N) expecting 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 Walmart Inc (WMT.N) 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 U.S. Economist Michelle Meyer.
U.S. 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.