Online spending on Cyber Monday was projected to top $12 billion, a record, as bargain seekers took up offers on items such as Barbie dolls, Lego sets, headphones, and smartwatches, according to preliminary estimates from Adobe Digital Insights.
US shoppers would spend $12 billion-$12.4 billion on Cyber Monday, the largest online shopping day in the United States, reported Reuters.
It was predicted that a large chunk of this spending, roughly $4 billion, would occur between 6 p.m. and 11 p.m. EST, notably from last-minute consumers. This would be a 9.7% increase over the $11.3 billion spent on Cyber Monday last year.
Push notifications, text messages, and video streaming ads touting heavily discounted cosmetics, electronics, toys, apparel, and other items enticed inflation-weary US consumers to open their wallets on Cyber Monday.
According to Adobe, a record number of price-conscious holiday buyers were also expected to employ buy now, pay later options for Cyber Monday to reduce the stress on their wallets.
According to the report, the buy now, pay later company Klarna recorded a 29% rise in orders placed by US customers on Black Friday, with personal devices, televisions, and kitchen appliances among the most popular items.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
