CYBER MONDAY FORECAST: $7.8B
Biggest online sales day in years seen with 75.8M Americans participating
Cyber Monday, often seen as second fiddle to the main holiday shopping event that is Black Friday, is projected to be the largest day for online sales in recent years at $7.8 billion, according to Adobe Analytics, which analyzes visits to retail websites.
“Whether it’s heading to the stores after finishing their turkey or going online on Cyber Monday, consumers will be shopping all weekend and retailers will be ready to meet the demand,” said Matthew Shay, president the National Retail Federation.
Popular items this year run the gamut from iPads, laptops, 4K smart TVs, to clothing and accessories, to the present most people say they want: gift cards, according to the NRF.
The retail economy is also tilting steeply toward online shopping. Over the past 12 months, purchases at nonstore retailers such as Amazon have jumped 12.1 percent as sales at traditional department stores have slumped 0.3 percent.
“Online holiday sales are expected to increase by 14.8 (percent) and will reach $124 billion nationally,” the Retailers Association of Massachusetts notes. Bay State consumers are expected to spend an average of $656 on holiday shopping, according to personal finance website WalletHub’s outlook.
Last year, Cyber Monday generated an estimated $6.59 billion in sales, up 16.8 percent from 2016, according to Adobe. Now in its 13th year, it is expected to be the largest online shopping day of the year for American consumers. The NRF estimates 75.8 million Americans are expected to take advantage of the deep discounts offered by online retailers.
According to Adobe, almost half of online retail visits will come from a smartphone, adding that the device can “hold a $9 billion potential for retailers this season.” Furthermore, Adobe found that this Cyber Monday will be the best day to purchase toys, with consumers saving an average 19 percent.
The holiday shopping season presents a big test for a U.S. economy, whose overall growth so far this year has relied on a burst of consumer spending. Americans upped their spending during the first half of 2018 at the strongest pace in four years, yet retail sales gains have tapered off recently. The sales totals over the next month will be a good indicator as to whether consumers simply paused to catch their breath or feel less optimistic about the economy in 2019.