Cyber ​​Monday is expected to bring record spending

From fruit blenders to noise-canceling headphones, e-commerce sites are slashing prices on almost everything during Cyber ​​Monday, the biggest online shopping day of the year.

Consumer spending during Cyber ​​Week – the five days between Thanksgiving and the following Monday – is a good indication of what retailers can expect during the holiday season. According to The Associated Press, consumers are expected to spend $13.2 billion on Monday, with an estimated $15.7 million spent per minute during the peak hours of 8 p.m. to 10 p.m.

According to this estimate, consumer spending during the holiday season is expected to perform relatively well and could provide relief to some retailers that had a lackluster Black Friday, according to Reuters. Physical stores reported notable declines in U.S. foot traffic, while online sales reached $10.8 billion, up more than 10% from a year ago, USA Today reported.

Online spending on Cyber ​​Monday is expected to grow from 4.9% in 2023 to 8.4% in 2024, thanks to an increase in the number of brand-boosting social media influencers and companies investing in online loyalty programs with exclusive deals.

Jie Zhang, a marketing professor at the University of Maryland’s Robert H. Smith School of Business, told The Associated Press that he expects consumers will “pamper themselves a little more” with self-care gifts this year.

But while holiday consumers are still on track to buy more this year, the National Retail Federation and Deloitte expect spending growth to be the slowest in six years.

Consumers are being more careful about what they spend their money on due to several years of inflation, comparing the prices of goods at retailers and refraining from purchasing non-essential items. Economists also warn that newly elected President Donald Trump’s proposed tariffs on foreign goods could raise prices on many items, from food to electronics to furniture.