Deal-hunters fuel $12 billion Cyber Monday shopping spree
(Reuters) -After a busy holiday shopping weekend, discount seekers are expected to spend between a record $12 billion and $12.4 billion on beauty products, electronics, toys and apparel on Cyber Monday, according to Adobe (NASDAQ:ADBE) Analytics.
Heavy online traffic and transactions could add up to a boost in sales by U.S. shoppers of 5.4% or more, according to Adobe. Shoppers spent $10.3 billion in the weekend leading up to Cyber Monday, up 7.7% from last year as retailers offered more discounts compared to last year.
Retailers were set to dangle average price cuts of 30% on electronics, and 19% on furniture. «We are seeing very strong discounts,» said Vivek Pandya, lead analyst at Adobe Digital Insights, which tracks data through Adobe's Experience Cloud service for e-commerce platforms.
Consumers are also increasingly opting for the 'Buy Now Pay Later' (BNPL) feature. BNPL usage is set to hit a record high on Cyber Monday, with its contribution to online spend surging nearly 19% to $782 million, Adobe predicted.
More merchandise was being discounted in the weekend leading up to Cyber Monday, according to a report from LSEG.
Amazon (NASDAQ:AMZN), an expected winner this holiday season, began marketing Cyber Monday Deals as early as Saturday, including up to 46% off some Instant Pot kitchen appliances, 37% off certain Vitamix blenders, and 35% on Amazon devices including a 55-inch Amazon Fire TV.
Walmart (NYSE:WMT), eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days.
Retailers leaned on push notifications, text messages and video streaming ads more this year to reach shoppers, growing the use of digital marketing 56% compared to
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