Cyber Monday spending is expected to top $11 billion in 2022

ByEyewitness News WABC logo
Monday, November 28, 2022
Cyber Monday Sales Expected to be all time high
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Cyber Monday Deals are expected to bring in many shoppers this year.

NEW YORK CITY (WABC) -- Cyber Monday spending is expected to top $11 billion this year, according to experts.

Consumers can expect major discounts expected to be on flat-screen televisions, laptops, and beauty products.

"Cyber Monday's roots are in tech," Editor of Retailmenot Kristin McGrath said. "So anything that is tech-related that you did not get on Black Friday that you want, Cyber Monday is the time to get it."

Larger purchases such as appliances are expected to be at their lowest price starting Thursday, December 1, averaging 18% off at most retailers.

With inflation at a 40-year high, shoppers will need to dig a little deeper to score last-minute gifts.

The Federal Reserve has raised interest rates 6 times this year to level the economy and bring down spending, but its put pressure on retailers to sell as much as they can.

"They know that their budgets are getting eaten up by their heating bill, their rent, these necessary grocery purchases," McGrath said. "So the pressure is on, you know, for them to compete with each other and offer the richest deal possible."

Americans spent more than $9 billion shopping online deals on Black Friday, a 2% increase from last year.

But retailers are still lost ground when factoring in 7% inflation.

To cope with higher prices, many shoppers are turning to flexible payment plans.

According to one estimate, "buy now pay later" payments increased by 78% on Black Friday compared to the previous year.

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