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2023 Cyber Monday sets new record

Despite rising costs, consumers spent a lot during the holiday shopping season, with expectations of Cyber Monday as the year's biggest shopping day, yet increased credit card debt may lead to restrained spending in the New Year.

lundi 27 nov., Il y a 2 semaines
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Despite increased costs and higher interest rates, consumers demonstrated robust spending during the holiday shopping season. Crowds enthusiastically engaged in both physical shopping and holiday fairs, finding unique items for their families. The National Retail Federation predicts 182 million shoppers from Thanksgiving to Cyber Monday, a substantial increase from the previous year. While many seek in-person shopping experiences, online shopping remains prevalent, with 93% of consumers planning to make some purchases digitally. Experts anticipate Cyber Monday to be the year's largest shopping day, estimating nearly $90 billion in sales, following record-breaking spending on Black Friday. However, as credit card debt peaks, more Americans delay costly purchases, leaning towards 'buy now, pay later' options. This shift may benefit retailers initially but could result in tightened budgets in the New Year.

Vocabulary:

• Brick and mortar shopping: This term refers to traditional physical stores or businesses where products or services are sold to customers in a physical location, such as a retail store, as opposed to online or e-commerce businesses.

• To bode: it means to be an omen of something that will happen in the future. It suggests indicating or forecasting a future outcome or event.

• Big belt tightening: it refers to a significant reduction in spending.

• Retail: The sale of goods or items to the public.

• Apparel: clothes

Source: CBS YouTube channel.

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