We’re about halfway through Cyber Monday 2016 and so far things are looking good. According to a report from Reuters, sales already totalled $490 million by 10 a.m. EST, pointing toward the biggest Cyber Monday ever. By the end of the day, sales are expected to reach $3.36 billion, an increase of 9.4 percent over last year.
This is following a very profitable Thanksgiving and Black Friday that brought in $5.27 billion, an increase of a whopping 18% over 2015. Experts credit the healthy economy for the rise in spending.
As in the past few years, the winners in weekend sales were retail giants Amazon, Walmart, Target and Best Buy with the best sellers being ultra HDTVs and gaming consoles. Also selling well were UGG boots and beauty products with handbags lagging.
While some stores were running more promotions in 2016, others had cut back the number of deals. Chains running the most promotions were JC Penney and Macy’s, both of which depend heavily on apparel sales. Both have also been closing stores due to falling revenues. Amazon is expected to offer a record number of deals this year while Target has reduced the overall number.
A report from the National Retail Federation estimates that 122.1 million people will shop online during Cyber Monday and 28% of them will do so from their mobile devices. NRF President and CEO Matthew Shay explained the spending habits of Cyber Monday shoppers: “On Cyber Monday, retailers deliver online discounts unlike any other day of the year—driving consumers to shop online no matter where they are or what device they’re shopping from.
“Millions of consumers shopped over Thanksgiving weekend and reserved a portion of their budgets exclusively for Cyber Monday, knowing that there will be digital deals that are too good to pass up.”
It’s interesting to note than the most-promoted products and top sellers of Cyber Monday are big-ticket items like smart TVs, tablets and gaming consoles. That seems to indicate that shoppers are in the mood to spend money this year – a lot of money.