Did you think that Black Friday was the biggest shopping day of the year? Oh, how wrong you are! It’s today, Cyber Monday. In the coming hours, Americans will spend more money shopping than ever before, expected to hit $9.4 billion, a nearly 20% growth from last year, according to Adobe Analytics.
As of 9 a.m. ET, Americans had already spent $473 million online, but the real fireworks will come 11 p.m.-midnight ET, when our procrastinating brethren spend $11 million per minute.
Our theory: Black Friday is about buying gadgets for you, and Cyber Monday is the sinking realization that you only have 23 days to provide holiday gifts for everyone you know.
If you’re joining the shopping fray, Adobe Analytics suggests buying TVs, toys, and computers today. If you’re looking for furniture or bedding, consider waiting for further discounts tomorrow. The shopping season is six days shorter than usual this year, and retailers need to move products.
Black Friday also broke records:
- Black Friday was the second biggest shopping day in history—$7.4 billion
- Bad weather boosted online spending to 40%
- The average online order was $168, meaning people are buying expensive items online
- The shopping didn’t stop. Americans spent another $3.6 billion on Small Business Saturday and a similar amount on Sunday