Cyber Monday Expected To Shatter Records After Lackluster Black Friday
Consumers are expected to spend up to $11.3 billion online shopping on Cyber Monday. Experts blamed weak Black Friday numbers on discounts that kicked off in October, and shoppers buying earlier to avoid supply chain delays.
Cyber Monday sales expected to surpass $10 billion
Cyber Monday is expected to be the best online shopping day of the year, with Americans predicted to spend more than $10 billion. Retailers have been encouraging shoppers to buy early amid supply chain issues.
Cyber Monday 2021 Could Be Biggest Web Shopping Day Ever
Cyber Monday, the sales event that grew out of the nation's obsession with Black Friday, has moved past its predecessor in sales. The deals are leading to what experts anticipate will be the biggest online shopping deal of all time.
Cyber Monday: ‘Toys and electronics' may be harder to find ‘because of the microchip shortage'
Lead of Kearney Consumer Institute Katie Thomas joins Yahoo Finance's Karina Mitchell to discuss the struggle consumers may encounter when shopping for certain brand names and electronics this holiday season.
Cyber Monday Busy Despite Supply Chain Issues
Cyber Monday is traditionally the busiest online shopping day of the year, but supply chain issues could make some holiday gifts hard to get.
Online Black Friday spending falls for first time ever: Data
Traffic at retail stores on Black Friday dropped 28.3% compared with 2019 levels, as Americans shifted more of their spending online and kicked off their shopping earlier in the year, according to preliminary data from Sensormatic Solutions.
Traffic was up 47.5% compared with year-ago levels, Sensormatic said. This time in 2020, many shoppers stayed at home due to fears around the coronavirus pandemic and as retailers operated on somewhat reduced hours.
The peak time for Black Friday shopping in stores was 1 p.m. to 3 p.m., similar to trends in past years, Sensormatic said. Black Friday is still predicted to be the busiest in-store shopping day of the season, according to Sensormatic.
On Thanksgiving day, visits to brick-and-mortar stores cratered 90.4% from 2019 levels, Sensormatic found. Retailers including Target, Walmart and Best Buy opted to keep their doors closed to customers on the holiday. Target has said it will be a permanent shift.
Field said that shopper traffic on Black Friday was closest to returning to 2019 levels in the South, followed by the Midwest and then the West and Northeast. He doesn't believe mounting fears around the new Covid variant, omicron, had any impact on consumers' behavior on the day.
Black Friday online spending falls from 2020 levels
Online, retailers rang up $8.9 billion in sales on Black Friday, down from the record of about $9 billion spent on the Friday after Thanksgiving a year earlier, according to data from Adobe Analytics. It marked the first time ever that growth reversed from the prior year, Adobe said. Adobe analyzes more than one trillion visits to U.S. retail sites, with over 100 million items in 18 different product categories.
On Thanksgiving day, consumers spent $5.1 billion on the internet, flat from year-ago levels, Adobe said.
The numbers provide even greater evidence that the holiday season has been stretched out as more Americans began their shopping as early as October. Retailers have been spreading out their promotional offers, too. According to a survey from the National Retail Federation, the retail industry's leading trade group, 61% of consumers had already started purchasing holiday gifts before Thanksgiving.
