Will Cyber Monday set new spending records this year

Consumers in the United States are set to spend $13.2 billion on Cyber Monday, representing a 6.1% increase from the previous year. The event, which began in 2005, has expanded into a multi-day shopping phenomenon with big retailers like Amazon, Target, and Walmart starting their sales ahead of time. The trending period, dubbed Cyber Week, indicates significant consumer engagement despite ongoing inflation. Rising credit card debt drives shoppers to use “buy now, pay later” options. The National Retail Federation forecasts a slowdown in holiday spending growth, estimating an increase of 2.5% to 3.5%. Black Friday sales reached $10.8 billion, a 10.2% increase, while Thanksgiving online sales hit $6.1 billion. E-commerce reliance grows, with Shopify reporting $5 billion in Black Friday sales. There is a noted decline in physical store traffic, with a 3.2% drop on Black Friday. Consumers show a preference for online shopping, prompting a shift in spending behaviors toward experiences and self-gifting.Learn more on this news visit us at: https://greyjournal.net/ Hosted on Acast. See acast.com/privacy for more information.