Nov 30, 2020 - Economy & Business
Cyber Monday sales projected to grow 15%-35% from 2019
Cyber Monday has never been more meaningless, given the kickoff of the holiday season this year has been more virtual than ever thanks to the pandemic.
Why it matters: Consumers spent roughly $9 billion online on Black Friday, a 22% jump from last year's previously record high, according to Adobe Analytics.
- Still, Adobe anticipates even bigger online sales: Cyber Monday sales are estimated to hit between $10.8 billion and $12.7 billion, which would represent growth of 15% to 35% from 2019.
Between the lines: Real-time shopping data from both RetailNext and Sensormatic Solutions showed in-store traffic plunged by roughly 50% compared to last year's Black Friday.
- Keep in mind: In-store traffic on Black Friday was already on the decline. Per Sensormatic Solutions, foot traffic fell over 6% in 2019 from the prior year. In 2018, in-store shopping fell by 1.7% compared to 2017.
Yes, but: The stronger-than-expected Black Friday may not be enough to boost overall holiday sales.
- "To avoid stockouts and delivery delays, many consumers are pulling their holiday spending forward, which could result in disappointing sales in December," Sarah Wyeth, lead retail analyst at S&P Global Ratings, wrote in a note.
- S&P estimates holiday sales will grow at a "meager" 0.3% rate this year.