Cyber Monday Sales Set to Hit $13 Billion in 2024
Cyber Monday has grown into a major shopping event, and in 2024, it’s expected to reach a record $13.2 billion in sales. What started as a small online event now stands as a global shopping spree, rivaling Black Friday. But how did Cyber Monday become so big? Let’s look at its history and what to expect this year.
How It All Started
In 2005, the National Retail Federation (NRF) was looking for a way to boost online sales during Thanksgiving. While Black Friday was already a hit in stores, online shopping needed its own day. Ellen Davis, a PR expert at the NRF, coined the term “Cyber Monday.” The idea was simple: people would return to work after the holiday, use fast office computers, and shop online.
At first, many were skeptical. Even The New York Times doubted it would take off. But by 2010, Cyber Monday had already topped $1 billion in sales. It was clear this new event had staying power.
The Growth of Cyber Monday
What started as a single day of deals soon became a week-long event. Retailers saw the potential of extending sales, and thus Cyber Week was born. In recent years, Cyber Monday has often outshone Black Friday. For example, in 2023, Cyber Monday hit $12.4 billion, surpassing Black Friday by $2.6 billion.
The COVID-19 pandemic made this trend even bigger. More shoppers moved online for their purchases, and in 2022, Cyber Monday sales reached over $11 billion. This shift in shopping habits is here to stay.
What to Expect for Cyber Monday 2024
Cyber Monday 2024 is shaping up to be even bigger. Consumers can expect huge discounts across many categories. Electronics are likely to be discounted by up to 30%, and clothing by about 23%. Popular items like Bluetooth headphones, the latest video games, and even toys like the Bluey Ultimate Lights and Sound Playhouse will be in high demand.
This year, expect more retailers to focus on online shopping experiences. Many will offer mobile-friendly deals and special social media promotions to attract buyers.
Cyber Monday vs. Black Friday: Who Will Win?
In recent years, Cyber Monday has outperformed Black Friday in sales. For example, 2023 Cyber Monday made $12.4 billion, while Black Friday made $9.8 billion. In 2024, Cyber Monday is projected to continue its winning streak.
Why Cyber Monday is Here to Stay
As technology and shopping habits evolve, Cyber Monday remains a major part of the holiday shopping season. What started as a simple idea in 2005 has now become a staple in global retail. As we prepare for Cyber Monday 2024, one thing is clear: online shopping is here to stay, and Cyber Monday is leading the way.
Source: PYMNTS
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