How much money do Americans spend on Cyber Monday deals?
Black Friday may outshine Cyber Monday in sheer numbers, digital purchases are expected to exceed those during the first day of the holiday season in 2022.
While American shoppers are getting an earlier start to their holiday purchasing Cyber Monday is expected to be the season’s and year’s biggest online shopping day. Adobe Analytics estimates that consumers will spend around $11.2 billion during the final day of Cyber Week which runs from Thanksgiving to the main event Cyber Monday. That’s over 5 percent more than last year returning this year to pre-pandemic levels of spending.
According to the annual survey by National Retail Federation and Prosper Insights & Analytics, in 2022 some 63.9 million people are forecast to do their shopping on Cyber Monday. Breaking down how much in total people are expected to fork out by the number expected to go online to shop, that works out to roughly $175 per shopper.
What are people expected to buy on Cyber Monday
In total Adobe Analytics is predicting that consumers despite inflation will splash out just shy of $210 billion between 1 November and 31 December shopping online. That’s a growth of 2.5 percent over 2021 ecommerce sales.
More than two thirds of shoppers will do their holiday shopping during Cyber Week representing over 166 million Americans. But 60 percent already got ahead of the game, browsing online as well as getting their holiday shopping started in early November.
Of those that will do their shopping over the holiday weekend, the vast majority, 59 percent, will do so to take advantage of deals that are too good to pass up in their opinion. The other top two responses to the NRF survey were because the shopping extravaganza has become a tradition on the Thanksgiving weekend or just looking for something to do during the holiday.
While Black Friday and Cyber Monday are used by many Americans to make a big purchase on electronics, they are not the top purchases shoppers plan to buy for gifts this year. The top two items consumers have in mind to give this year are clothing and gift cards.
Shoppers will spend almost $30 billion on gift cards according to NRF data, or around $165 per person on average. Respondents said that they plan to buy three to four to give with ones for restaurants, department stores and bank issued cards coming top of the list.