The Cyber Monday shopping holiday is expected to generate $13.2 billion in sales

“Cyber Monday” seems like such a quaint term, perhaps harkening back to a more relaxed time when shoppers were jostling each other to snag Black Friday deals and weren’t fighting to spend money online every day of the year.

Still, spending on the Monday after Thanksgiving adds up to billions of dollars. Last year, shoppers spent $12.4 billion on Cyber Monday, up 9.6% year over year, according to data from Adobe Analytics.

The peak shopping time in 2023 was between 10 p.m. and 11 p.m. Eastern time—and according to Adobe Analytics, consumers spent $15.7 million every minute during that hour last year.

Adobe expects Cyber Monday to remain the holiday season and the biggest online shopping day of the year this year, driving record spending of $13.2 billion, an increase of more than 6% compared to the previous year.

We rush to snag a discount on everything – electronics, clothing, furniture, groceries and, yes, Santa has to fill the sleigh with toys too.

While everyone has complained about inflation, Adobe says some shoppers are actually expected to “compromise” and take advantage of steep discounts to purchase higher-priced items. At least that’s the prognosis for what could happen. According to Adobe, trading up could result in more than $2 billion in additional spending.

Discounts on electronics items are expected to peak at 30% off list price. Discounts on toys are expected to reach 27%. However, average discounts may be lower than other categories – 24% off televisions, 20% off sporting goods and 23% off clothing and computers.

According to Adobe, Cyber Monday is expected to be one of the best days for shopping for electronics and apparel, the two top-selling categories in e-commerce.

According to the National Retail Federation, around 72.3 million consumers are expected to shop on Cyber Monday. The forecast for Black Friday is 131.7 million shoppers, with 65% of those shoppers expecting to visit stores and malls.

A record 183.4 million shoppers are expected to spend in stores and online from Thanksgiving through Cyber Monday, according to the retail group.

When shopping on Cyber Monday, keep the following tips in mind:

Spread out the expenses, because what’s the rush?

You still have time to shop. For many people, it may make more sense to spread out spending in December, when paychecks or bonuses arrive in checking accounts. It’s a way to avoid spending more money than you have.

Christmas is on Wednesday December 25th. This year, Hanukkah begins on the evening of December 25th and lasts until Thursday, January 2nd. Kwanzaa runs from December 26th to January 1st.

Retailers and e-commerce platforms create a lot of excitement around the shopping holiday, and Cyber Monday is just one day that the National Retail Federation came up with in 2005 to boost online commerce.

Sometimes it also creates a sense of urgency. A consumer buying guide published by US PIRG found that some sellers on e-commerce site Etsy have been using fake countdown timers for deals that don’t actually expire.

Be on the lookout for hot scams

Some hot scams are old scams: online sellers pose as big brands to steal your cash or ID information. There are ridiculous return policies where returning an item costs more than purchasing it. Counterfeit designer goods and cosmetics are sold online that look like great bargains but are not a real bargain.

The Better Business Bureau has warned that even QVC, HSN and other shopping networks have been duped by scammers who place ads on social media to sell goods that don’t exist.

Remember that fake websites, personalized phishing emails and social media posts from criminal gangs are designed to trick you into thinking you are buying from a legitimate company. Hover your mouse cursor over a link without clicking on it to view a full URL and determine whether it is legitimate. Don’t just click on the links sent to you.

“Look closely at the URL to make sure it does not contain minor spelling errors designed to deceive less cautious consumers,” says the Better Business Bureau.

Fraudsters are even using fake customer service chatbots to steal information, according to an alert from antivirus software McAfee. (Yes, we are also warned about fake pop-ups pretending to be from McAfee.)

We’re hearing more warnings about vacation travel scams in 2024, as many people may be looking at their bucket list rather than a vacation shopping list.

Don’t rush out your credit card – or pay in any other way – until you understand what’s real and what’s not. Be especially wary of airfare or vacation rental prices that sound too good to be true. Another warning sign: You feel pressured to book or buy something immediately.

When booking a trip, avoid fake TSA PreCheck websites when preparing for a flight, as well as fake text messages about unpaid tolls after the trip.

Scammers are sending increasingly targeted offers via email, text or social media to appeal to a buyer’s specific interests – fashion, tech, sports, travel, whatever – increasing the likelihood that you will be tempted.

More:“Buy now, pay later”: Is the risk worth it? The hidden details buyers should know

More:3 Holiday Scams Including a Fake TSA PreCheck That Could End Up Stealing Your Money

And the scammers will continue to hide behind big brand names – Amazon, FedEx, big-name banks and credit unions.

“Scammers may tell you that there is a fraud investigation and require you to ‘verify’ your account or claim that there is unauthorized or fraudulent activity on your Amazon account,” Amazon said in a warning in November.

However, Amazon said it will never ask you to share your password, read back a one-time account login password, or check sensitive personal information over the phone. The same advice applies if someone contacts you out of the blue with a claim from your bank, credit card issuer, or credit union.

Determine what you really need

Any sales frenzy can make you want to rush out and buy another $40 sweater. But again, before you start shopping online, you might want to take a step back and figure out what gifts you really need to buy.

Sure, maybe you’ve had a tough year – or even an amazing year – but how many gifts should you buy for yourself to commiserate or celebrate? Set a limit.

If you’re like me and buy gifts for friends and family throughout the year, take the time to go into your closet and first review what gifts you’ve already purchased. You might not have to buy as much as you’d like when you’re staring at a “50% off everything on our site” banner on Cyber Monday.

Don’t have a gift card for this store?

Now is the perfect time to rummage through your drawer for gift cards for Target or other big-name retailers. There’s no harm in using your gift card cash to buy gifts for someone else.

You can often use these gift cards for some online purchases as well.

Ask if a $15 bargain will result in more spending

Sure, this $15 sweater is super cute for your niece. But haven’t you already spent $30 on your Christmas present? Didn’t you tell yourself that you would spend $30 each on all of your other nieces and nephews? Now need to add another item or a $15 gift card for the others on the list?

Sometimes a cheap $15 sweater is another way to spend even more money. Suppose you get the bargain for yourself. If a sweater doesn’t match anything you own – I speak from experience here – you may need to purchase pants or a scarf to put together a complete outfit.

Remember, it’s only Monday and there are 29 days left in December, a month full of holidays, festivities, and one more sale after another designed to give us one more reason to “spend to save.”

Contact Susan Tompor, personal finance columnist: [email protected]. Follow her on X (Twitter) @Tompor.

The Cyber Monday shopping holiday is expected to generate $13.2 billion in sales

ByAmelia Pressman

By Amelia Pressman

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