This Cyber Monday could be the biggest online shopping day in history, according to Wednesday (Nov. 22) reports from CNBC.
Bearing out the “Gray November” theory — that is, that Black Friday is dying as it spreads out across the month — shoppers have spent 17.9 percent more this November than they did over the same month last year. In fact, consumers spent more than $1 billion a day for the first 21 days of the month, totaling $28.6 billion between Nov. 1 and 21.
Those stats come from a recent report by Adobe Analytics. The same report noted shoppers are expected to spend $6.6 billion on Cyber Monday, bumping total holiday spending up to $107 billion — a 14 percent increase over last year.
The trend won’t stop there, though, experts say. It’s not so much that Black Friday has spread out into a so-called “Gray November,” but that people are just ready to spend more. It’s worth noting that last year’s holiday shopping season got a slow start due to the distraction of the U.S. presidential election — and for some, the economic concerns the outcome raised.
Analysts say that hefty Cyber Monday activity won’t necessarily take away from brick-and-mortar sales. Rather, it indicates a strengthening economy and an overall increase in spending both online and in physical store locations.
Black Friday is still expected to be the busiest shopping day of the year, with 70 percent of people planning to hit the stores according to a survey by the National Retail Federation. By comparison, just 48 percent of survey respondents said they planned to shop online on Cyber Monday.
On and offline, spending is predicted to continue on this upward trajectory through the holidays, with Black Friday sales doing little to dent its growth as consumers have learned to bide their time and wait for the best deals
“The American consumer is an online shopping ninja now; they know they need to wait until they see sales drop further,” said Tamara Gaffney, strategic insights engagement group director at Adobe.