Analysts at Adobe predict that Cyber Monday sales will hit $9.4 billion by close of business on Dec 2., setting a new online shopping record in the United States.
Buoyed by a strong economy, the strong projections come in spite of the fact that the 2019 holiday shopping season is six days shorter than last year’s, with just 22 days between Cyber Monday and Christmas.
A key insight is that the 2019 online holiday shopping season is projected to be $143.7 billion, which is 14.1 percent higher than last year. Another important trend is that the growth of retail e-commerce, clocked at 14.1 percent, is growing faster than retail sales, which are at 4.0 percent overall.
“Americans will spend billions more this holiday season on their phones compared to last year,” Adobe said.
In what the company calls the “most comprehensive report of its kind in industry,” analysts took into account aggregate and anonymous data collected through its platforms like Adobe Commerce Cloud, including crunching numbers from over 1 trillion retail website visits and sales of more than 55 million unique products.
Black Friday Deals Minus the Madness
Fewer people lined up outside stores as Black Friday shopping kicked off, suggesting early discounts offered by retail chains and a surge in online buying may have taken the shine off America’s biggest shopping day.Spot checks on the ground showed there were fewer shoppers this year as retail chains started offering discounts earlier than usual to make up for a shorter holiday season this year.
Best Deals
Adobe predicted that Cyber Monday would see the deepest discounts on television sets, amounting to 19 percent on average.On Dec. 3 is when the best deals are to be had on furniture and bedding (10 percent), and tools and home improvement items (6 percent).
The company said that shoppers on the prowl for the best deals on electronics should wait for Dec 27. Boxing Day, when retailers will likely be “offering up massive savings of 27 percent.”