Cyber Monday is expected to remain the year’s biggest online shopping day and rake in up to $11.6 billion in sales.
, consumers turned their attention to Cyber Monday to score more discounts on gifts and other items that have ballooned in price because of high inflation.
Salesforce, which also tracks spending, said its estimates showed online sales in the U.S. hit $15 billion Friday and $17.2 billion over the weekend, with an average discount rate of 30% on products. Electronics, active wear, toys and health and beauty items were among those that provided a big boost, the two companies said.
“Shoppers are being more thoughtful, but they are going to more than a few retailers to be able to make a determination of what they are going to buy this year,” said Brian Field, Sensormatic’s global leader of retail consulting and analytics.Shoppers seeking big deals — and relief from soaring inflation — may be disappointed as many items end up costing more than last year even after discounts.
Still, some major retailers are feeling a shift. Target, Macy’s and Kohl’s said this month that they’ve seen a slowdown in consumer spending in the last few weeks. The exception was Walmart, which reported higher sales in its third quarter and raised its earnings outlook.
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