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Cyber Monday expected to break records after Black Friday sales topped $9B

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Pedestrians and shoppers walk by signs advertising discount prices on merchandise as they walk in Herald Square on Black Friday in New York City. Photo by John Angelillo/UPI
Pedestrians and shoppers walk by signs advertising discount prices on merchandise as they walk in Herald Square on Black Friday in New York City. Photo by John Angelillo/UPI | License Photo

Nov. 28 (UPI) -- Cyber Monday sales are expected to break records after Black Friday sales topped $9 billion.

Data from Adobe Analytics shows that consumers are expected to spend between $11.2 billion and $11.6 billion on Cyber Monday, making it the biggest online shopping day of the year and of all time. Consumers spent $10.7 billion on Cyber Monday in 2021.

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Sales on Thanksgiving and Black Friday also topped records and came in above projections, with sales up 2.3% to $9.12 billion on Black Friday and up 2.9% to $5.29 billion on Thanksgiving Day, according to Adobe Analytics.

"Strong consumer spend has been driven by net-new demand, and not just higher prices," Adobe said in a press release.

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Data from the company shows that prices online have been nearly flat in recent months and were down 0.7% for the month of October compared to the same month in 2021.

"Adobe's numbers are not adjusted for inflation, but if online inflation were factored in, there would still be growth in underlying consumer demand," the company said.

This holiday shopping season, which began Nov. 1, consumers have spent a total of $96.42 billion online, up 2.1% from 2021 -- which Adobe attributed to "broad, early discounts."

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The company said that shoppers can expect to find the steepest deals in toys and electronics, with discounts averaging around 33% and 25% off list price respectively.

The hottest items this shopping season in the toys category include Hot Wheels, Cocomelon, Bluey, Disney Encanto, L.O.L. Surprise dolls, Roblox and Fortnite branded items. Adobe said that online sales of toys were up 383% compared to average daily sales for the month of October.

Other major sellers include Apple devices, digital cameras, Roku devices, drones and Instapots. Sales were also up 230% in the jewelry category and 239% in the sporting goods category.

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However, Adobe advised shoppers seeking new appliances to wait until Thursday when discounts are expected to peak at 18%.

"There is a ton of momentum coming into Cyber Monday, after a surprising Sunday where consumers latched onto early deals and spent nearly $5 billion online, shattering previous records," Vivek Pandya, the lead analyst at Adobe Digital Insights, said in a statement.

"With discounts set to reach new heights today, Adobe expects Cyber Monday will be a major bright spot this season."

As far as how consumers are paying for the goods, Adobe said that consumers have increasingly used Buy Now Pay Later schemes for pricier items with shopping from mobile phones driving more than half of online sales for the first time ever over the weekend.

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"Adobe expects mobile shopping to dip on Cyber Monday however, based on historical trends," Adobe said in the press release.

"Many people are back at work and using laptops, which will be the preferred device for shopping online."

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