After last week’s $6.1 billion shopping record set during Black Friday sales, driven significantly by online spending, consumers in the United States are expected to break records again today during Cyber Monday.
Cyber Monday — a term coined in 2005 by the National Retail Federation — has become the biggest online shopping day of the year, thanks to the years of hype and promised discounts by retailers.
Consumers are expected to spend a record $13.2 billion today, 6.1% more than Cyber Monday last year, making this day the most significant one for retail businesses throughout the year.
Economists have predicted that President-elect Donald Trump’s upcoming tariffs next year will impact this year’s spending, with consumers panic-buying foreign goods for fear that prices will rise in 2025.
Despite the ongoing impact of inflation on most of the U.S. population, retail sales have stayed robust. The rise of “buy now, pay later” plans has contributed to this increase in sales. However, experts are concerned that consumers, in their effort to stay current with trends, may be risking falling into debt.
By CEO NA Editorial Staff
