WMT - Cyber Monday Sales Could Hit $12 Billion: 5 Stocks That Could Win Big From E-Commerce Holiday Shopping Growth | Benzinga
Cyber Monday is in full force, as retailers and e-commerce companies stand to benefit from shifts of consumers spending more time and money on online shopping versus at physical retailers.
Here's the data and the potential winners.
What Happened: A new report from Adobe calls for 2023 Cyber Monday sales to hit $12 billion to $12.4 billion. The report comes as consumers grip with high inflation and macroeconomic concerns as they complete their 2023 holiday shopping.
The report calls for Cyber Monday sales to increase 5.4% over last year.
Holiday spending from Nov. 1 to Nov. 24 was an estimated $86.6 billion, according to the report, which was up 4.8% year-over-year.
Cyber Monday has traditionally attracted online shoppers who wish to avoid holiday crowds.
"We are seeing very strong discounts," Adobe Digital Insights lead analyst Vivek Pandya said, as shared by Reuters. "You have consumers out there who are very price-sensitive and conscientious and who want to make sure they get the very best possible deal."
Cyber Monday follows Black Friday, when the stock market closes early. The day saw record online sales, which were up ...