Consumers in the United States are eagerly searching for online deals during Cyber Monday as the holiday shopping season kicks off. Experts predict consumers will spend a record $13.2 billion on Monday alone, with online spending peaking between 8 p.m. and 10 p.m. Many retailers, such as Amazon, Target, and Walmart, have extended their Cyber Monday sales over the Thanksgiving weekend.
Despite concerns about post-pandemic inflation and rising credit card debt, retail sales have remained strong. The National Retail Federation expects holiday shoppers to spend more this year both in stores and online. Preliminary data shows encouraging signs for retailers, with online sales on Black Friday doubling since 2017.
Physical stores saw fewer customers on Black Friday as more consumers prefer to shop from home. Experts note a shift towards experience-driven spending, with consumers indulging in self-care products and higher-ticket items. Shipping companies like FedEx and UPS anticipate a surge in shipping volume, with the shorter holiday season making it challenging for retailers to forecast accurately.
Overall, there is optimism in the retail industry for a successful holiday season despite economic concerns. Consumers are eager to take advantage of online deals and discounts, indicating a robust shopping season ahead.
Source
Photo credit wtop.com