In some ways, thanks to the COVID-19 pandemic, Cyber Monday began weeks ago when online retailers began pushing holiday sales in mid-October. But forecasters are still projecting that Monday will be the biggest day of online sales ever recorded in the U.S.
Online retailers are projected to sell $12.7 billion in goods on Monday, a figure that would represent year-to-year growth of 35%. Sales on Cyber Monday would outpace those made on both Thanksgiving and Black Friday.
Several major retailers announced earlier this year that they would remain closed on Thanksgiving in the hopes of avoiding crowds, marking a stark change from recent years. In addition, the Associated Press reports that Black Friday crowds were thin across the country, as many Americans shopped online to avoid crowds. In fact, retailers like Walmart and Best Buy made Black Friday deals available online to limit the number of people in stores.
However, Americans don't appear ready to slow down spending for Cyber Monday. Adobe Analytics predicts that Cyber Monday spending will break the $10 billion mark for the first time in 2020. For context, the first time Americans spent $2 billion on Cyber Monday came in 2012.
Adobe also reports that 42% of online shopping will be done by smartphone this year — a year-over-year increase of 55%.