Days after flocking to stores on Black Friday, consumers are turning online for Cyber Monday to score more discounts on gifts and other items that have ballooned in price because of high inflation.
Cyber Monday is expected to remain the year's biggest online shopping day and rake in up to $11.6 billion in sales, according to Adobe Analytics, which tracks transactions at over 85 of the top 100 U.S. online stores. That forecast represents a jump from the $10.7 billion consumers spent last year.
Meanwhile, consumers who feared leaving their homes and embraced e-commerce during the pandemic are heading back to physical stores in greater numbers this year as normalcy returns. The National Retail Federation said its recent survey showed a 3% uptick in the number of Black Friday shoppers planning to go to stores. It expects 63.9 million consumers to shop online during Cyber Monday, compared to 77 million last year.
Overall, online spending has remained resilient in the past few weeks as eager shoppers buy more items on credit and embrace"buy now, pay later" services that lack interest charges but carry late fees. Personal Finance Online Black Friday sales set a new record SHIFTING DEMANDThis year's Cyber Monday also comes amid a wider e-commerce slowdown affecting online retailers that saw a boom in sales during most of the COVID-19 pandemic. Amazon, for example, raked in record revenue but much of the demand has waned as the worst of the pandemic eased and consumers felt more comfortable shopping in stores.
Movies spotlight A movie fans gift guide that goes beyond the cinema For the film buff in your life, there are plenty of gift options that go beyond a ticket to the movies.
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