On November 28, preliminary estimates from Adobe Digital Insights indicate that Cyber Monday spending is expected to surpass a record $12 billion. Bargain hunters are flocking to online platforms to snag deals on various items, ranging from Barbie dolls and Lego sets to headphones and smartwatches.

The estimate suggests that U.S. shoppers will likely spend between $12 billion and $12.4 billion on Cyber Monday, making it the largest online shopping day in the United States. A significant portion of this spending, approximately $4 billion, is anticipated to occur between 6 p.m. and 11 p.m. EST, particularly driven by last-minute shoppers. If the top end of the estimate is reached, this would signify a 9.7% increase compared to the $11.3 billion spent on Cyber Monday last year.

In an effort to entice consumers, retailers have bombarded U.S. shoppers with push notifications, text messages, and video streaming ads promoting heavily discounted cosmetics, electronics, toys, clothing, and other products. The strategy appears to be effective, as U.S. shoppers had already spent $8.3 billion online by 6 p.m. EST, according to Adobe Analytics, which tracks data through Adobe's Experience Cloud service for e-commerce platforms.

The current economic climate has led a record number of budget-conscious holiday shoppers to turn to buy now, pay later services on Cyber Monday to alleviate financial stress.

Nancy Tengler, CEO of Laffer Tengler Investments, expressed optimism about the holiday season, stating, "Whether the consumer is going to continue at this pace or not, we'll continue to see them spend. I think this is going to be a much better-than-advertised Christmas."

Shoppers have been on the hunt for deals since midnight on Monday, with transactions in the first 12 hours of the day surpassing those during the same timeframe in 2022, according to data firm Criteo, which tracks sales from over 700 brands and retailers in the United States.

However, some caution has been raised by major retailers like Walmart, Target, and Home Depot, citing concerns about the strength of the consumer due to higher interest rates and decreasing household savings. Charles Sizemore, chief investment officer at Sizemore Capital Management, anticipates that retailers may need to further discount prices in the coming weeks, expressing concern about profit margins during the holiday season.

As part of the Cyber Monday frenzy, Amazon began marketing deals early, offering discounts of up to 46% on select Instant Pot kitchen appliances, 37% off certain Vitamix blenders, and 35% off Amazon devices, including a 55-inch Amazon Fire TV. Walmart, eager to capture market share, initiated price cuts on Sunday night and increased discounts on some clothing to 60% on Monday, up from the 50% offered on Black Friday. 00000000