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Friday, January 27, 2023

Cyber Monday Approaches with the Best Deals, Set to Hit Sales of $11.2 Billion

Last year, Cyber Monday sales declined by 1.4%

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Sadaf Hasan
Sadaf Hasan
Aspiring reporter covering trending topics

UNITED STATES: The 2022 Cyber Monday sales extravaganza has begun, and major merchants like Amazon, Best Buy, Walmart, Target, and others are offering thousands of discounts.

Cyber Monday’s discounts on everything from apparel to TVs drove consumers to click “add to cart” despite stubbornly high inflation.

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Cyber Monday, the biggest U.S. online shopping day, is expected to reach a new high of $11.2 billion, a report said.

Inflation-weary shoppers have been delaying their holiday shopping for weeks in the expectation of significant post-Thanksgiving markdowns, according to the Adobe Analytics analysis, which predicts that spending on Cyber Monday will increase by 5.2%.

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Adobe Analytics, a tool that evaluates e-commerce by examining website transactions, has access to data on purchases from 85% of the top 100 online merchants in the United States.

Last year, Cyber Monday sales declined by 1.4% as retailers disbursed promotional discounts over several weeks beginning in early October to better manage inventories amid severe product shortages.

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However, big single-day shopping sales seem to be back in vogue since well-known retailers like Target Corp (TGT.N), Macy’s Inc (M.N), and Best Buy Co Inc (BBY.N) predict a return to pre-pandemic purchasing habits this year.

On Monday, Target’s website offered discounts of up to 40% on Hot Wheels toys and holiday decorations, while Walmart Inc.’s (WMT.N) and Best Buy’s websites offered discounts of hundreds of dollars on sophisticated laptops and televisions.

Michelle Meyer, the chief economist for Mastercard in the United States, said, “Holiday promotions kick off long before the Thanksgiving weekend, and shoppers have been strategically seeking out the best deals of the season.”

Additionally, a record $9.12 billion was spent online by American consumers on Black Friday, as per Adobe Analytics.

However, brick-and-mortar stores and malls reported lighter crowds than usual because of sporadic rain in different parts of the country.

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