Cyber Monday is in full force, as retailers and e-commerce companies stand to benefit from shifts of consumers spending more time and money on online shopping versus at physical retailers.
Here’s the data and the potential winners.
What Happened: A new report from Adobe calls for 2023 Cyber Monday sales to hit $12 billion to $12.4 billion. The report comes as consumers grip with high inflation and macroeconomic concerns as they complete their 2023 holiday shopping.
The report calls for Cyber Monday sales to increase 5.4% over last year.
Holiday spending from Nov. 1 to Nov. 24 was an estimated $86.6 billion, according to the report, which was up 4.8% year-over-year.
Cyber Monday has traditionally attracted online shoppers who wish to avoid holiday crowds.
“We are seeing very strong discounts,” Adobe Digital Insights lead analyst Vivek Pandya said, as shared by Reuters. “You have consumers out there who are very price-sensitive and conscientious and who want to make sure they get the very best possible deal.”
Cyber Monday follows Black Friday, when the stock market closes early. The day saw record online sales, which were up 7.5% year-over-year to $9.8 billion.
While Black Friday remains an important shopping holiday for retailers, the trends continue to shift to more consumers buying items online during the holiday shopping season.
“I do think the paradigm has changed around the in-store Black Friday experience, the long lines and things like that,” Pandya told CNBC.
Pandya said discounts could weaken after Cyber Monday and with retailers working to control inventory, several hot ticket items could sell out before last-minute shoppers are able to grab them.
Related Link: Black Friday Sales Surge Despite Economic Uncertainties
The Cyber Monday Winners: The 2023 holiday shopping season could see many winners among retail and e-commerce stocks.
E-commerce leader Amazon.com Inc (NASDAQ:AMZN) is expected to be among the winners of the 2023 holiday shopping season. The e-commerce retailer began celebrating Cyber Monday with deals on Saturday, likely capturing additional sales ahead of Monday’s shopping event.
Retailer Walmart Inc (NYSE:WMT) is one of the largest retailers in the world and often a winner during the holiday shopping season. With consumers more conscious of prices and costs of gifts…
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