Deal-hunters on track to spend record $12 billion in US Cyber Monday shopping spree
Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones and smart watches, according to preliminary estimates from Adobe Digital Insights.
The estimate projects U.S. shoppers will spend $12 billion-$12.4 billion on Cyber Monday, the biggest U.S. online shopping day.
A significant portion of this spending, around $4 billion, is expected to occur between 6 p.m. and 11 p.m. EST, particularly from last-minute shoppers, it said. At the top end, this would represent an 9.7% increase compared to the $11.3 billion spent on Cyber Monday last year.
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Retailers have been coaxing inflation-weary U.S. shoppers to open their wallets on Cyber Monday with push notifications, text messages and video streaming ads touting heavily discounted cosmetics, electronics, toys, clothing and other products.
The push seems to have worked with U.S. shoppers spending $8.3 billion online as of 6 pm EST (2300 GMT), according to Adobe Analytics, which tracks data through Adobe's Experience Cloud service for e-commerce platforms.
A record amount of price-pinched holiday shoppers are also expected to use buy now, pay later services for Cyber Monday to relieve stress on their wallets, according to the firm.
"Whether the consumer is going to continue at this pace or not, we'll continue to see them spend. I think this is going to be a much better-than-advertised Christmas," said Nancy Tengler, CEO of Laffer Tengler Investments in Scottsdale, Arizona.
Shoppers have been hunting for deals since 12 a.m. on Monday with transactions during the first 12 hours of the day exceeding those during the same timeframe in 2022, according
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