Home Business This year’s Cyber Monday spending is one for the history books

This year’s Cyber Monday spending is one for the history books

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Holiday shoppers will be spending $13 million a minute online on Monday — more than twice as much as on Black Friday — as they rush to ring up the final sales of the biggest online shopping day in history.

Consumers are expected to spend up as much as $12.7 billion on Cyber Monday, or 35 percent more than last year, as hunkered-down shoppers do more spending online than ever amid the pandemic, according to Adobe Analytics.

Most consumers believe that Cyber Monday discounts will be steeper than any other day of the holiday shopping season. Among the best deals today will be markdowns of about 30 percent on computers, 26 percent on electronics, 21 percent on appliances and 20 percent on toys, according to Adobe, which tracks online shopping data for 80 of the largest retailers in the US.

Online shopping is expected to peak on Monday between 5 p.m. and 6 p.m. EST.

“Cyber Monday is on track to break all previous records for online sales,” Taylor Schreiner, director of Adobe Digital Insights said in a statement. “Consumers will likely take advantage of the best discounted items today like TVs, toys and computers before price levels start creeping back up throughout the rest of the season.”

Even small businesses have benefited from the shift to online shopping with consumers spending $4.7 billion, or 30 percent more than last year on Small Business Saturday, Adobe said.

But the next two weeks, which historically have been a slower shopping period, will be more productive than ever, predicts retail consultant Gerald Storch, a former chief executive of Toys R Us and Saks Fifth Avenue’s parent Hudson’s Bay Co.

“Retailers are usually so depressed about the falloff during those two weeks,” Storch told The Post. “But I think more people will be shopping in stores than anyone expects.”

While brick-and-mortar store sales and foot traffic plummeted on Thanksgiving and Black Friday, they crept back up later in the day on Black Friday and over the weekend, he said.

“By Saturday, the store parking lots at many malls looked just like they did last year” — and indication that retail stores will make up for lost sales on Thanksgiving and Black Friday over the next two weeks, Storch said.