: Cyber Monday sales on track to set new record, topping $11 billion

by | Nov 28, 2022 | Stock Market

Cyber Monday shopping is set to break records with more than $11 billion spent online in a single day, according to Adobe Inc.
as big discounts gave shoppers welcome relief from high inflation. Consumers spent $6.3 billion through 6 p.m. Eastern on Monday, Adobe Analytics said, with a projection of $11.2 billion to $11.6 billion for the day. That would be the biggest online shopping day ever, Adobe said, topping the $10.7 billion spent last year during Cyber Monday. Final numbers are expected Tuesday morning.

“Shoppers have seen massive discounts this past week, which is the exact opposite situation from last season when supply chain constraints kept prices elevated,” Vivek Pandya, lead analyst of Adobe Digital Insights, said in a statement. “While discounting will have an impact on margins for retailers, it is also driving a level of demand that can help brands build long-term loyalty and net some short-term gains.”     More: The big winner of the holiday shopping season so far: Buy now, pay later Toys were a major draw Monday, according to Adobe, with sales up about 45% from a comparable day in October. Legos, Pokémon cards, Dyson products, Apple Watches, drones and videogame consoles were among the top-sellers, Adobe said. Adobe said it expects Cyber Week to generate $35.17 billion in sales, up 3.7% from last year, and representing nearly 17% of the full holiday season’s sales. That comes after a record-breaking $9.12 billion was spent on Black Friday, according to Adobe.

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