Coming of Black Friday, shoppers are expected to hit new records on Cyber Monday sales, the biggest U.S. online shopping day, is reported to reach a record $11.2 billion.
According to Adobe Analytics report, the data predicts spending on Cyber Monday to rise 5.2 percent 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 percent of the top 100 internet retailers in the United States.
Sales fell 1.4 percent last year during the day 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, Macy’s Inc and Best Buy Co Inc expecting a return to pre-pandemic shopping patterns.
Target’s website on Monday advertised discounts of up to 40 percent on Hot Wheels toys and holiday decor, while Walmart Inc 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.