Record spending is expected for Cyber ​​Monday

Record spending is expected for Cyber ​​Monday

From fruit blenders to noise-cancelling headphones, e-commerce sites are slashing prices on almost everything for Cyber ​​Monday, the biggest online shopping day of the year.

Consumer spending during Cyber ​​Week — the five days between Thanksgiving and the following Monday — is a good indicator of what retailers can expect as the holiday season begins. Consumers are expected to spend $13.2 billion on Monday, with spending estimated at $15.7 million per minute during the peak hours of 8 to 10 p.m., according to the Associated Press

By that estimate, consumer spending is expected to perform relatively well over the holiday season, providing relief to some retailers that had a lackluster Black Friday, according to Reuters. As USA Today reported, brick-and-mortar stores across the U.S. reported significant declines in customer traffic, while online sales reached $10.8 billion, up more than 10% from a year ago.

Online spending on Cyber ​​Monday is expected to increase from 4.9% in 2023 to 8.4% in 2024, thanks to an increase in brand-promoting social media influencers and companies investing in online loyalty programs invest with exclusive offers.

Jie Zhang, a marketing professor at the University of Maryland’s Robert H. Smith School of Business, told The Associated Press he expects shoppers to treat themselves “a little bit more” with self-care gifts this year.

Even though holiday shoppers are still on track to buy more this year, the National Retail Federation and Deloitte expect spending growth to be the slowest in six years.

Years of inflation have made consumers more cautious about how they spend their money, comparing the prices of goods at retailers and avoiding purchasing non-essential items. Economists also warn that President-elect Donald Trump’s proposed tariffs on foreign goods could drive up prices on many items, from food to electronics to furniture.

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