Name: Deal-Hunters on Track to Spend Record $12 Billion in Cyber Monday Shopping Spree
Uploaded: 2023-11-28T20:55:36.000Z
Description: Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones, and smart watches, according to preliminary estimates from Adobe Digital Insights.

Travis Gillmore is an avid reader and journalism connoisseur based in California covering finance, politics, the State Capitol, and breaking news for The Epoch Times.

Travis Gillmore

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

News

US News

State News

District of Columbia

Thousands Attend ‘Rededicate 250’ Prayer Celebration on National Mall

Arleen Richards is NTD's legal correspondent based at the network's global headquarters in New York City, where she covers all major legal stories. Arleen holds a Doctor of Law (J.D.).


Arleen Richards

NTD Plus

News with integrity, from the U.S. and around the world. Focused reports and analyses that shed light on major issues the world deserves to know. NTD Evening News airs daily at 6 p.m. ET.

NTD Evening News

Massive Win Against 'Gender-Affirming Care': Biologist on Children's Hospital Settlement

David Zhang is a Washington correspondent focusing on national politics and U.S.–China relations. He was previously the host of the California Today and NTD Tonight.

David Zhang

Long-Awaited Documentary ‘Silent Harvest’ Debuts

Melina Wisecup is NTD's congressional correspondent based in Washington, covering Capitol Hill and campaign politics.

Melina Wisecup

Washington Roundup (May 16): Hearing Spotlights Forced Organ Harvesting in China

Daniel Monaghan is a reporter for NTD News covering culture, social issues, and education. He holds a BA in Political Science and Government.

Daniel Monaghan

White House Week in Review (May 16): China Trip, Police Week, Biolab Crackdown

Dave Martin is NTD's Senior Sports Reporter and sports analyst. He also hosts "Data Hub" segments during NTD's special election coverage, "The Nation Decides."

Dave Martin

Pistons, Cavs Get Ready For Game 7, Knicks Await Winner

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Sen. Cassidy Faces Tough Competition in GOP Primary

Jacki Thrapp is an Emmy® Award-winning journalist based in Nashville. She previously worked at The New York Post, Fox News Channel and has written a series of Off-Broadway musicals in NYC. Contact her at jacki.thrapp@epochtimes.us

Jacki Thrapp

Business News

China Eases Restrictions on US Beef, Poultry Following Beijing Summit

Sam Wang is a Washington correspondent for NTD News based in Washington, D.C. Sam covers politics on Capitol Hill, and U.S.-China relations. 

Sam Wang

Citizens React to Communist Cuba in Crisis

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

Politics

Executive Branch

Trump Says ISIS Second-in-Command Killed in Joint US–Nigerian Mission

Chris Beers is an NTD News anchor and political correspondent based at the network's global headquarters in New York City. Chris co-anchors "NTD News Today" weekdays at 10:00 am ET.

Chris Beers

NTD Evening News Full Broadcast (May 17)

NTD Evening News Full Broadcast (May 16)

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

NTD Evening News Full Broadcast (May 15)

NTD Evening News Full Broadcast (May 14)

NTD Evening News Full Broadcast (May 13)

NTD Evening News Full Broadcast (May 12)

NTD Evening News Full Broadcast (May 11)

Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Evening News Full Broadcast (May 10)

NTD Evening News Full Broadcast (May 9)

NTD Evening News Full Broadcast (May 8)

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

Health News

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones, and smart watches, according to preliminary estimates from Adobe Digital Insights.

The estimate projects U.S. shoppers will spend $12 billion-$12.4 billion on Cyber Monday, the biggest U.S. online shopping day.

A significant portion of this spending, around $4 billion, is expected to occur between 6 p.m. and 11 p.m. ET, particularly from last-minute shoppers, it said. At the top end, this would represent an 9.7 percent increase compared to the $11.3 billion spent on Cyber Monday last year.

Retailers have been coaxing inflation-weary U.S. shoppers to open their wallets on Cyber Monday with push notifications, text messages, and video streaming ads touting heavily discounted cosmetics, electronics, toys, clothing, and other products.

The push seems to have worked with U.S. shoppers spending $8.3 billion online as of 6 pm ET, according to Adobe Analytics, which tracks data through Adobe's Experience Cloud service for e-commerce platforms.

A record amount of price-pinched holiday shoppers are also expected to use buy now, pay later services for Cyber Monday to relieve stress on their wallets, according to the firm.

"Whether the consumer is going to continue at this pace or not, we'll continue to see them spend. I think this is going to be a much better-than-advertised Christmas," said Nancy Tengler, CEO of Laffer Tengler Investments in Scottsdale, Arizona.

Shoppers have been hunting for deals since 12 a.m. on Monday with transactions during the first 12 hours of the day exceeding those during the same timeframe in 2022, according to data firm Criteo, which tracks sales from more than 700 brands and retailers in the United States.

"Consumers are quite resilient and have found ways to buy presents and experiences for their kids and their pets," said Matthew Katz, Managing Partner at consulting firm SSA & Company.

Still, Walmart , Target, and Home Depot are among firms to raise caution on the strength of the consumer, citing higher interest rates and depleting household savings.

Charles Sizemore, chief investment officer at Sizemore Capital Management, said he expects retailers to have to discount more in the weeks ahead.

This makes him worried about profit margins at a time input and labor costs have not come down and shoppers continue to be picky. "I really think margins are going to be depressed," during the holiday season, said Sizemore, whose firm holds about $2 million of shares each in Walmart and Target.

Amazon began marketing Cyber Monday Deals as early as Saturday, including discounts of up to 46 percent on some Instant Pot kitchen appliances, 37 percent off certain Vitamix blenders, and 35 percent on Amazon devices including a 55-inch Amazon Fire TV.

Walmart, eager to capture market share, slashed prices on Sunday night, joining the trend of retailers' early discounts on major shopping days. On Monday, Walmart stepped up discounts on some clothing to 60 percent, up from the 50 percent it offered on Black Friday.

<em>By Ananya Mariam Rajesh, Deborah Mary Sophia, and Siddharth Cavale</em>

Latest

Videos

04_Top Stories

Latest Clips

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.