Spending on Cyber Monday, the biggest US online shopping day, could hit a record $11.6 billion (€11 billion), according to a report, due to discounts on everything from pajamas to AirPods , getting shoppers to click “add to cart” themselves under the strain of inflation.
The Adobe Analytics report forecasts Cyber Monday spending of $11.2 billion to $11.6 billion, up as much as 8.5 percent year-on-year, as inflation-weary consumers do their holiday shopping in hopes of deep put off discounts for weeks after Thanksgiving .
Adobe Analytics, which measures e-commerce by analyzing transactions on websites, has access to data on purchases at 85 percent of the top 100 online retailers in the United States.
Cyber Monday sales fell 1.4 percent last year as retailers spread promotional offers over weeks as early as October to better manage inventory amid widespread product shortages.
However, big one-day shopping events appear to be trending again this year, with big retailers like Target, Macy’s and Best Buy anticipating a return to pre-pandemic shopping patterns.
Target’s website yesterday promoted discounts of up to 40 pieces on Hot Wheels toys and holiday decorations, while Amazon was offering up to 70 pieces off its Echo speakers. The Walmart and Best Buy websites also featured hundreds of dollars worth of discounts on high-end laptops and televisions.
“Shoppers are bidding off the season in anticipation of deeper discounts and are less sensitive to shiny items,” said Carol Spieckerman, president of consulting firm Spieckerman Retail.
Shoppers found record discounts for computers up to 27 percent below list price, while almost every other category, including apparel, toys and furniture, also had double-digit discounts, Adobe said.
https://www.independent.ie/business/technology/news/cyber-monday-spending-rebounds-as-inflation-prompts-bargain-hunting-42180769.html Cyber Monday spending rebounds as inflation leads to bargain hunting