Record-Setting Shopping Expected – NBC Chicago
Consumers Scour the Internet for Online Deals
Consumers in the United States are scouring the internet for online deals as they look to take advantage of the post-Thanksgiving shopping marathon with Cyber Monday.
E-commerce Expected to Reach Record High
Adobe Analytics, which tracks online shopping, expects consumers to spend a record $13.2 billion on Monday, 6.1% more than last year. That would make it the season’s – and the year’s – biggest – shopping day for e-commerce. In a survey from financial company Deloitte, consumers said they expect to spend a record $650 during Black Friday-Cyber Monday shopping events, up 15% from last year.
Retailers Kick Off Cyber Monday Sales
For several major retailers, a Cyber Monday sale is a days-long event that began over the Thanksgiving weekend. Amazon kicked off its sales event right after midnight Pacific time on Saturday. Target’s two days of discount offers on its website and app began overnight Sunday. Walmart rolled out its Cyber Monday offers for Walmart+ members on Sunday afternoon and opened it up to all customers three hours later, at 8 p.m. ET.
Consumers Continue to Experience Sticker Shock
Many U.S. consumers continue to experience sticker shock following the period of post-pandemic inflation that left prices for many goods and services higher than they were three years ago. But retail sales nonetheless have remained strong, and the economy has kept growing at a healthy pace.
Buy Now, Pay Later Options Gaining Popularity
At the same time, credit card debt and delinquencies have been rising. More shoppers than ever are also on track to use “buy now, pay later” plans this holiday season, which allows them to delay payments on holiday decor, gifts, and other items.
Economists Warn of Potential Tariffs
Many economists have also warned that President-elect Donald Trump’s plan to impose tariffs next year on foreign goods coming into the United States would lead to higher prices on everything from food to clothing to automobiles.
National Retail Federation Expects Holiday Shoppers to Spend More
The National Retail Federation expects holiday shoppers to spend more this year both in stores and online than last year. But the pace of spending growth will slow slightly, the trade group said, growing 2.5% to 3.5% – compared to 3.9% in 2023.
U.S. Shoppers Spend Big on Black Friday
U.S. shoppers spent $10.8 billion online on Black Friday, a 10.2% increase over last year, according to Adobe Analytics. That’s also more than double what consumers spent in 2017, when Black Friday pulled in roughly $5 billion in online sales. Consumers also spent a record $6.1 billion online on Thanksgiving Day, Adobe said.
Key Categories Drive Holiday Spending
Toys, electronics, home goods, self-care, and beauty categories were among the key drivers of holiday spending on Thanksgiving and Black Friday, according to Adobe. “Hot products” included Lego sets, espresso machines, fitness trackers, makeup, and skin care.
Physical Stores See Fewer Customers
Other data showed physical stores saw fewer customers on Black Friday, underscoring how the huge crowds that were once synonymous with the day after Thanksgiving are now more than happy to shop from the comfort of their homes.
Conclusions
Record-setting shopping is expected this holiday season, with consumers spending big on online deals and experiences. While some may be feeling sticker shock, others are taking advantage of “buy now, pay later” options. As the holiday season comes to a close, it will be interesting to see how consumers continue to spend and shop.
Frequently Asked Questions
* What is Cyber Monday?
Cyber Monday is a day of online deals and discounts, often marked by retailers with deep discounts on popular items.
* What is the National Retail Federation’s forecast for holiday spending?
The National Retail Federation expects holiday shoppers to spend more this year both in stores and online than last year, with a growth rate of 2.5% to 3.5%.
* What are the key categories driving holiday spending?
Toys, electronics, home goods, self-care, and beauty categories are among the key drivers of holiday spending this season.
