Cyber Monday spending to surpass Black Friday
Nov 27, 2023, 8:39 AM | Updated: May 30, 2024, 11:40 am
Economists forecast an 8% jump in Cyber Monday sales this year. (Adobe Stock)
(Adobe Stock)
SALT LAKE CITY — Cyber Monday is here and economists expect online shoppers to spend a lot. Online shopping is likely to bring in more money than Black Friday this year.
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According to Forbes, more than half of American shoppers skip Black Friday and spend their dollars on Cyber Monday.
Experts anticipate cyber shoppers spending $13 billion this year which is 8% more than last year. Black Friday is estimated to have brought in $10 billion.
Shopping with ease
Economists say Cyber Monday attracts shoppers by avoiding crowds or long lines. Additionally, some online retailers now allow for payment installments.
Over 71 million people are expected to shop online on Monday.
A local impact
Millions of shoppers will be hitting Amazon looking for deals. A press release from Amazon said that small and medium-sized businesses also see a boost during Cyber Monday.
Utah has around 7,500 independent sellers on Amazon. Utah-based retailers have sold 93 million products through Amazon in the last 12 months.
Buyers beware
With the influx of online shoppers, the Better Business Bureau is warning consumers to watch out for online shopping scams.
The most common scams are from merchandise ads on Facebook and Instagram. The BBB urges consumers to do research when buying from an unknown retailer. Many of these scams offer free trials or claim that proceeds support charity.
Shoppers can keep up with the latest retail scams by reviewing the BBB Scam Tracker.
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