US Cyber Monday sales to exceed $12 billion due to attractive discounts, says report
Breaking News: Cyber Monday Sales Set to Reach Record High
1:50 PM UTC – November 27, 2023
(Reuters) – U.S. shoppers looking for steep discounts are set to boost Cyber Monday online sales to a record $12 billion to $12.4 billion, splurging on products like Barbie dolls and headphones, data from Adobe Analytics showed.
The midpoint of the range represents a jump of nearly 8%, better than Adobe’s initial forecast of a 6.1% rise to $12 billion, easing concerns of a lackluster 2023 holiday shopping season.
Salesforce also predicted Cyber Monday online sales would grow in the high-single-digit percentage range, both globally and in the United States.
Reporting by Juby Babu and Deborah Sophia in Bengaluru; Editing by Pooja Desai
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How much are U.S. shoppers expected to spend during this year’s Cyber Monday event?
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Cyber Monday, the online shopping extravaganza that follows the Thanksgiving holiday, is set to reach record-breaking sales this year. According to data from Adobe Analytics, U.S. shoppers are expected to spend between $12 billion to $12.4 billion during the event, marking a significant increase from previous years.
The surge in sales is primarily driven by consumers seeking steep discounts on a wide range of products, including popular items such as Barbie dolls and headphones. This year’s Cyber Monday deals are anticipated to offer unprecedented savings, attracting millions of shoppers looking to take advantage of the discounts.
The projection of $12 billion to $12.4 billion represents an almost 8% increase from last year’s figures, surpassing Adobe’s initial forecast of a 6.1% rise. This positive trend has alleviated concerns about a lackluster holiday shopping season for retailers in 2023.
Salesforce, a leading customer relationship management platform, also predicts robust growth in Cyber Monday online sales. They anticipate high-single-digit percentage growth both globally and in the United States. This prediction further reinforces the positive outlook for retailers during this year’s Cyber Monday.
The record-breaking sales during Cyber Monday highlight the significance of the event in the retail industry. E-commerce has seen exponential growth in recent years, and Cyber Monday has become a crucial part of the holiday shopping season. With more consumers opting for online shopping, retailers have recognized the importance of offering exclusive deals and promotions to attract customers.
In conclusion, Cyber Monday sales are set to reach new heights in 2023, with U.S. shoppers expected to spend a staggering $12 billion to $12.4 billion. The significant increase in sales reinforces the growing popularity of online shopping and highlights the importance of Cyber Monday as a major retail event. As consumers continue to seek out the best deals, retailers are adapting and providing exceptional discounts to capitalize on this trend.
Reporting by Juby Babu and Deborah Sophia in Bengaluru; Editing by Pooja Desai
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