By WYATTE GRANTHAM-PHILIPS, Associated Press Business Writer
As the post-Thanksgiving shopping marathon concludes on Cyber Monday, consumers across the United States are eagerly anticipating some of the best deals of the holiday season. This year, experts are projecting record-breaking online spending, despite economic uncertainties.
Adobe Analytics forecasts that U.S. shoppers will spend $14.2 billion online on Cyber Monday, a 6.3% increase from the previous year. The peak shopping hours are expected to be between 8 p.m. and 10 p.m. local time, with $16 million passing through online shopping carts every minute nationwide.
During the Black Friday weekend, U.S. consumers already spent $11.8 billion online, exceeding expectations. This surge in purchases during Cyber Week provides insight into consumer willingness to spend during the holiday season.
Discounts on electronics and apparel are expected to reach up to 30% and 26% off, respectively, with other categories like toys also seeing significant markdowns. Salesforce estimates that Cyber Monday’s online sales will total $13.4 billion in the U.S. and $53.7 billion globally.
While online spending is expected to reach new heights, rising retail prices may influence consumer behavior, leading to more focused and strategic shopping. With tighter budgets, shoppers are opting for “buy now, pay later” plans to manage holiday expenses.
Mobile devices have become the preferred platform for holiday shopping, accounting for 58% of online spending. AI-powered shopping services are also expected to play a significant role in consumer purchasing decisions.
Overall, Cyber Monday continues to evolve as a key shopping day, with sales extending throughout the week. The holiday season is projected to see over $1 trillion in spending, although the rate of growth is slowing compared to previous years.
As consumers navigate economic uncertainties and changing shopping habits, Cyber Monday remains a crucial day for retailers and shoppers alike.
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