Cyber Monday expected to set new record for online spending

National

(CBS) — Cyber Monday sales are expected to hit a record $9.4 billion this year, buoyed by a growing number of consumers making purchases over their mobile devices. That represents a roughly 20% jump in spending from last year, according to data from Adobe Analytics. 

Some of the hot-ticket items this year include the Nintendo Switch video game console and games such as Madden 20 and FIFA 20. Samsung TVs, Apple laptops and Amazon’s Echo “smart” speaker are also top sellers, according to Adobe. Toys from Disney’s “Frozen 2” movie franchise also have been popular.

Some analysts attribute the increase in online spending to harsh winter weather across the U.S. The period between Cyber Monday and Christmas is also shorter this year, making for an abridged shopping season.

Peak shopping hours on Monday are expected to take place between 10 p.m. and 2 a.m. Eastern time and account for an estimated 30% of the day’s overall revenue, according to Adobe.

This year’s Black Friday was the biggest ever for online sales, as fewer people visited stores and shoppers rang up $7.4 billion in transactions from their phones, computers and tablets. That’s just behind the $7.9 billion haul of last year’s Cyber Monday, which holds the one-day record for online sales, according to Adobe, which measures sales at 80 of the top 100 U.S. online retailers.

Shoppers, many of them using smartphones, spent $3.6 billion buying online from small businesses on Saturday. Adobe said that’s up 18% from last year’s sales during what’s increasingly called Small Business Saturday. Smartphone-driven revenue made up 41.2% of all e-commerce revenue on Saturday, Adobe said.

The Associated Press contributed to this report.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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