Record Online Spending Reported for Cyber Monday

US shoppers are projected to spend approximately $13.3 billion online on Cyber Monday, a 7.3% increase from 2023, according to Adobe Inc. This growth reflects a trend of consumers delaying purchases for significant discounts, with many utilizing buy-now-pay-later options to afford high-ticket items. Cyber Monday capped a strong Cyber Week, where total spending reached $41.1 billion, up 8.2% from the previous year. Notably, while online shopping surged, brick-and-mortar stores saw a decline in foot traffic, down 3.2% on Black Friday compared to 2023. Analysts are optimistic about the overall holiday shopping season, forecasting online sales for November and December to hit $240 billion, an 8.4% increase year-over-year. Key product categories driving sales include apparel, electronics, and personal care items.