NATIONAL NEWS

Cyber Monday marks the year’s biggest online shopping day, and one more chance to save on gifts

Nov 27, 2023, 7:50 AM

FILE - In this Monday, Nov. 29, 2010, file photo, a consumer looks at Cyber Monday sales on her com...

FILE - In this Monday, Nov. 29, 2010, file photo, a consumer looks at Cyber Monday sales on her computer at her home in Palo Alto, Calif. Consumers are scouring the internet for online deals as they begin to cap off the five-day post-Thanksgiving shopping bonanza with Cyber Monday. Cyber Monday –- a term coined back in 2005 by the National Retail Federation –- continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it. (AP Photo/Paul Sakuma, File)
Credit: ASSOCIATED PRESS

(AP Photo/Paul Sakuma, File)

Consumers are scouring the internet for online deals as they begin to cap off the five-day post-Thanksgiving shopping bonanza with Cyber Monday.

Even though e-commerce is now part and parcel of our everyday lives and much of the holiday shopping season, Cyber Monday –- a term coined back in 2005 by the National Retail Federation –- continues to be the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it.

For several major retailers, the “Cyber Monday” sale is a days-long event that begins over the weekend. Amazon’s, for example, kicked off on Saturday and runs through Monday. Target’s two-day event began overnight on Sunday, while Arkansas-based Walmart kicked off its most recent discounts Sunday evening.

Consumer spending for Cyber Week — the five major shopping days between Thanksgiving and Cyber Monday — provides a strong indication on how much shoppers are willing to spend during the holiday season.

Shoppers have been resilient this year in the face of stubbornly high inflation, which recently reached its lowest point in more than two years but remains painfully apparent in areas like auto and health insurance and some groceries, like beef and bread.

But consumers are also relying on savings to fuel their shopping and are facing more pressure from credit card debt, which has been on the rise along with delinquencies. They’ve also been embracing “Buy Now Pay Later” payment plans, which allow shoppers to make payments over time without typically charging interest — a model some analysts believe can make acquiring debt too easy.

The National Retail Federation expects shoppers will spend more this year than last year. But the pace of spending will slow, growing 3% to 4% compared to 5.4% in 2022, the nation’s largest retail trade group said earlier this month.

According to Adobe Analytics, which tracks online spending, consumers spent $76.7 billion from the beginning of November until Thanksgiving, when major retailers including Amazon, Target and Walmart were already offering online deals geared towards the holidays. On Thanksgiving Day, Adobe said shoppers dolled out $5.6 billion, up 5.5% compared to last year. That’s nearly double the amount consumers spent online in 2017, showing the continued shift to online shopping during the gift-giving season.

Retailers began offering holiday deals in October this year, continuing a trend that started during the COVID-19 pandemic and has been resurrected due to supply chain clogs or inflation woes.

Rob Garf, Vice President and General Manager of Retail at Salesforce, said some of the earlier deals retailers offered were fairly conservative. That changed on Black Friday, when the discount rate began to peak at 30% in the U.S., he said. On Thanksgiving, consumers also saw big discounts for toys, electronics and computers, according to Adobe.

“Consumers feeling economic pressure are taking control of their household finances and have been really diligent and patient,” Garf said.

“They’re once again playing a game — and winning the game — of discount chicken, where they wait for retailers to discount to where they feel most comfortable,” he said. “And that’s what’s happening.”

Garf said Salesforce’s data showed health and beauty, footwear and active apparel continued to be the hottest categories for discounts. He said consumers should expect good deals in those categories on Cyber Monday.

The resale industry, which has grown in recent years, is also expected to be a significant part of the holiday shopping season. Salesforce predicts 17% of holiday gifts this year will come from resale markets like Facebook Marketplace or ThreadUp, as well as brands like Canada Goose, Patagonia and Coach offering resale options on their sites for environmentally-conscious consumers or those who enjoy vintage offerings.

____

AP reporters Anne D’Innocenzio and Chris Rugaber contributed to this report.

KSL 5 TV Live

National News

Trucks have been delivering a nonstop stream of packages from Temu to a home in the western suburbs...

Tara Molina, WBBM

An Illinois family keeps getting packages they never ordered from Temu

Trucks have been delivering a nonstop stream of packages from Temu to a home in the Illinois suburbs lately, but the family is not ordering anything.

55 minutes ago

Robert F. Kennedy Jr. apologized to members of his family who objected to a new TV ad released Sund...

Meg Kinnard, Associated Press

Robert F. Kennedy Jr. fails to qualify for CNN’s debate

Robert F. Kennedy Jr. has failed to qualify for next week’s debate in Atlanta. Host network CNN said Thursday the independent presidential candidate fell short of benchmarks both for state ballot qualification and polling

4 hours ago

Dave Drewry's pet donkey, Diesel disappeared in California five years ago and he’s been spotted l...

Scottie Andrew, CNN

A pet donkey disappeared in California five years ago was spotted living with a herd of wild elk

For years, Diesel's owners assumed the worst happened to their donkey after he ran away. But, a hunter found a particular sight when he was hunting deer earlier this year.

5 hours ago

In this still image taken from video of the Office of the New York Governor, Gov. Kathy Hochul sign...

Anthony Izaguirre

New York moves to limit ‘addictive’ social media feeds for kids

New York's governor has signed a bill that would allow parents to block their children from getting social media posts suggested by a platform’s algorithm.

6 hours ago

FILE:  Actor Donald Sutherland attends the premiere of Lionsgate's "The Hunger Games: Mockingjay - ...

Jake Coyle, AP Film Writer

Donald Sutherland, the towering actor whose career spanned ‘M.A.S.H.’ to ‘Hunger Games,’ dies at 88

Donald Sutherland, the film and TV actor whose career stretched from “M.A.S.H” to “JFK” to “The Hunger Games,” has died at 88.

7 hours ago

CHICAGO, ILLINOIS - JUNE 19: People cool off in the fountain at Polk Brothers Park at Navy Pier as ...

Nick Perry and Holley Ramer

Millions sweating it out as heat wave nears peak from Midwest to Maine

A heat wave is moving closer to the breaking point from the Midwest to New England as millions of people sweat it out for another day.

8 hours ago

Sponsored Articles

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light up your home with these top lighting trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for hassle-free computer repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Cyber Monday marks the year’s biggest online shopping day, and one more chance to save on gifts