Cyber ​​Monday is expected to bring record-breaking purchases as the holiday shopping season gets into full swing.

The Monday after Thanksgiving, Cyber ​​Monday – a term coined by the National Retail Federation in 2005 – has become the biggest online shopping day of the year as shoppers across the United States partake in the annual spending spree that has become a post, continue to look for deals -Thanksgiving tradition.

Consumers are expected to spend a record $13.2 billion online this Cyber ​​Monday, up 6.1 percent from last year’s total, according to Adobe Analytics, which tracks online purchases. The analytics firm predicts a peak in spending between 8:00 p.m. and 10:00 p.m. ET, with consumers potentially spending a staggering $15.7 million per minute.

Retail giants are expanding Cyber ​​Monday’s reach

Retail heavyweights like Amazon, Walmart and Target have expanded Cyber ​​Monday deals into multi-day events that began over Thanksgiving weekend. Amazon launched its promotions early Saturday, while Walmart and Target launched their online discounts Sunday evening. These expanded shopping windows aim to capitalize on a broader consumer base while fueling the week-long spending spree known as Cyber ​​Week.

Holiday sales trends point to resilient spending even as inflationary pressures persist. Many shoppers are turning to buy now, pay later plans to offset costs, reflecting a shift in the way consumers manage their holiday budgets.

According to the National Retail Federation, holiday shoppers are expected to spend more this year both in stores and online than last year. However, the pace of spending growth will slow slightly, the trade group said, by 2.5 percent to 3.5 percent – compared to 3.9 percent in 2023.

Consumer spending in numbers

Cyber ​​Week spending is expected to exceed $40 billion, according to Vivek Pandya, senior analyst at Adobe Digital Insights. In addition, initial figures for Black Friday and Thanksgiving Day indicate strong demand for online offers.

According to Adobe Analytics, U.S. consumers spent $10.8 billion online on Black Friday, up 10.2 percent year over year.

In the meantime. On Thanksgiving Day, online spending hit a record $6.1 billion, showing a growing preference for e-commerce even on traditionally family-oriented holidays.

Salesforce, which also tracks online purchases, estimated that online Black Friday sales were $17.5 billion in the U.S. and $74.4 billion worldwide, while Mastercard SpendingPulse, the personal and Online spending recorded a modest 3.4 percent increase in overall Black Friday sales Digital purchases lead the way.

E-commerce platform Shopify announced that its merchants generated $5 billion in global sales on Black Friday alone, peaking at $4.6 million per minute. Categories in high demand included toys, electronics, home goods and beauty products. Consumers also spent money on premium items like espresso machines and fitness trackers, signaling a trend toward trading up for higher-quality products.

Additionally, experts are seeing an increase in “self-gifting” and experiential spending, reflecting consumers’ desire to treat themselves after a challenging year. Marketing analysts point to increased interest in self-care and indulgence purchases as key drivers this season.

Physical stores are seeing declining traffic

While online sales rose sharply, foot traffic in brick-and-mortar stores declined. Sensormatic Solutions, which tracks store traffic, reported that its preliminary analysis showed an 8.2 percent decline in Black Friday store visits compared to last year, attributing the trend to longer promotional periods that spread customer visits over multiple days.

“Some of the extended Black Friday promotions actually resulted in slightly weaker daily volume than expected,” Grant Gustafson, head of retail advisory and analysis at Sensormatic, told The Associated Press.

RetailNext, which also measures store foot traffic, reported that its initial data showed Friday store traffic in the U.S. fell 3.2 percent from a year ago, with the largest decline in the Midwest.

This article contains reporting from The Associated Press.