Retailers, shoppers prep for "Cyber Monday"
Holiday shoppers have been flocking to the internet in record numbers this weekend -- leading up to the big event known as “Cyber Monday.”
Bargains on TVs, toys and technology was enough temptation to draw in hoards of shoppers across the country on Black Friday. But crowded stores, with limited product, have some second guessing whether braving Black Friday is worth it.
This year, online retailers got a jump start on Cyber Monday, posting deals on Thanksgiving Day.
The savings so good, savvy shoppers actually crashed Macy’s website.
“It’s going to be a very strong Cyber Monday,” said consumers research president Joe Colangelo.“You are looking at Amazon, of course, is capturing the lions’ share of Cyber Monday and then Walmart is close after, and then Macy’s, Lord & Taylor, Home Depot -- these are three of the other major players.”
Sales from this Cyber Monday could hit at least $3.3 billion. That’s nine percent more than 2015, and a nearly 27 percent jump from 2014 when sales were at $2.6 billion.
Overall, this year’s holiday season could ring up at $117 billion.
“Of the three main shopping days over this holiday weekend, that’s Thanksgiving, Black Friday and Cyber Monday, Cyber Monday has been growing the fastest of all three of those,” said Colangelo.
Colangelo said the convenience of shopping at home combined with better bargains is what’s fueling that growth, and converting shoppers like Pat Courtney.
“We use to get up every morning on Black Friday, three in the morning, go everywhere,” she said. “These days you get up on Thanksgiving, order it online and you come out just out of habit really.”
On average, families are expected to spend about $1,000 on gifts this holiday season.
And millennials are leading the shopping pack, increasing their holiday spending this year by 25 percent.
