Cyber Monday remains red hot as consumers look for deals
Nov 28, 2022, 4:07 PM | Updated: Oct 10, 2024, 12:02 pm
(Photo from Getty Images)
(Photo from Getty Images)
Consumer spending on Cyber Monday could surpass $11 billion nationwide this year.
“I think Cyber Monday is more important, more significant, and is affecting more companies than it did in the past few years,” Alex Halverson of the Puget Sound Business Journal told KIRO Newsradio.
According to the Associated Press, profit margins are also expected to be tight for retailers offering deeper discounts to attract budget-conscious consumers and clear out their bloated inventories.
“Amazon is one of the companies that are not necessarily struggling, but the revenue has not grown quite like it did in previous quarters over the past two years,” Halverson explained. “So they’re really counting on these sort of ‘events sales weekend’ to really gin up revenue.”
The numbers are showing an increase of over 8% from 2021. And the deals are out there.
“You’re probably going to see pretty good deals on clothing, electronics, things like that because inflation is kind of cool on those things,” Halverson told KIRO Newsradio’s Heather Bosch. “I’ve looked around I’ve seen great deals on everything from Apple headphones to Old Navy jeans. So I think definitely thinking the more you know, sort of gift sector of consumer products is where you’re going to see the deals.”
According to Investor’s Business Daily, Adobe Analytics said, “Cyber Monday would maintain its streak as the largest online shopping day of the year.”
“I guess it’s all about the perspective of what you believe Cyber Monday is at this point, right? Like all things online, it’s sort of getting rid of those delineation lines,” Halverson said. “I kind of think of Cyber Monday as the whole weekend. But these companies are really counting on a weekend of sales. You have the Black Friday sales that creep into Saturday. Cyber Monday kind of starts on Sunday. Now I saw deals yesterday, and it goes into Monday. So maybe the overall importance of that singular day is kind of gone. But the weekend might be bigger than ever.”
Meanwhile, Black Friday on Nov. 25 generated a record $9.12 billion in online spending, up 2.3%.
“These companies, they’re all kind of following Amazon, or Target. And these companies are really thinking of it as an event weekend of sales,” Halverson concluded.
