Consumers are set to spend between $11.2 billion and $11.6 billion on Cyber Monday, according to new data released by Adobe Analytics this morning.
This sales total would make this Cyber Monday the biggest online shopping day of the year so far and set a new record for the strongest Cyber Monday. In 2021, people spent $10.7 billion on Cyber Monday.
The strong projection is, in part, a result of higher prices from inflation. However, online prices have flattened in recent months, according to the Adobe Digital Price Index, which measures inflation online. In October 2022, online prices decreased 0.7% year-over-year but rose 0.3% from September.
Discounts throughout Cyber Monday will be widespread in categories such as computers, apparel, toys, electronics, sporting goods and furniture, Adobe Analytics found.
The bullish projections for Cyber Monday come on the heels of a strong weekend for holiday shopping. Americans spent a record $5.29 billion this Thanksgiving, up 2.9% over last year, Adobe Analytics found. Consumers also broke spending records on Black Friday, with $9.12 billion spent online, up 2.3% from last year. And through the weekend, spending remained strong, with $9.55 billion spent online, up 4.4% from last year.
“There is a ton of momentum coming into Cyber Monday, after a surprising Sunday, where consumers latched onto early deals and spent nearly $5 billion online, shattering previous records,” said Vivek Pandya, lead analyst and Adobe Digital Insights in a statement. “With discounts set to reach new heights today, Adobe expects Cyber Monday will be a major bright spot this season.”
Overall, Adobe projects that “Cyber Week,” or the five days between Thanksgiving and Cyber Monday, will generate $34.8 billion in online spend, up 2.8% from last year.
Retail marketing technology firm Bluecore also found an increase in web traffic throughout Black Friday. Compared to last year, site traffic was up 11% and orders were up 5%. Traffic was up across every vertical with the exception of consumer electronics and footwear.
The National Retail Federation said earlier this month that it expects total sales between Nov. 1 and Dec. 31 to grow between 6% and 8% compared with 2021. The growth would represent a total of between $942.6 billion and $960.4 billion in sales, on top of last year’s record-breaking 13.5% growth to $889.3 billion. NFR will release its shopping results for Thanksgiving Weekend in a media call on Tuesday.