Shopping booming despite inflation… ‘Cyber 5’ hits 200 million weekly shoppers, highest ever
Despite inflation, Cyber Monday, America’s largest online shopping event, saw shoppers spending more money than ever.
According to Bloomberg and Reuters on the 29th (local time), “Adobe Analytics”, Adobe’s marketing data analysis solution, counted that US consumers spent a total of 11.3 billion dollars (about 15.403 trillion won ) in online shopping the day before Cyber Monday did.
It was up 5.8% from last year’s Cyber Monday, recording the largest single-day online shopping sales in history.
Last year, Cyber Monday saw its first year-over-year decline in sales on Cyber Monday due to disruptions in the global supply chain and logistics network in the aftermath of the novel coronavirus infection (Corona 19). It is analyzed that it has transformed the minds of consumers who had been intimidated by inflation.
“Against an environment of oversupply and weak consumer spending, retailers have made the right decision to drive demand through deep discounts,” said Vivek Panthya, senior analyst at Adobe Digital Insights.
Sales of Pokemon cards, Legos and other toys, home appliances such as air fryers, PlayStations, Smart TVs, Apple AirPods, drones and sporting goods are up sharply, Adobe said.
This year, online sales are likely to have increased over the same period last year, including across the entire five-day shopping segment, called the “Cyber 5,” from Thanksgiving to Black Friday and Cyber Monday.
Adobe has estimated that the total amount of online purchases during this period will reach US$35.17 billion (about 46.8 trillion won).
Thanks to the almost no fear of Corona 19, offline shopping has also resumed.
Mastercard said that during Black Friday, offline store sales increased 12% over the previous year, and spending on both online and offline purchases increased 16%.
According to the National Retail Federation (NRF), a total of 196.7 million people shopped in person or online during this year’s Cyber 5 Week, the most on record.
This is a 9% increase over the same period last year.
It’s an unexpected outcome that has upended the prospect of contracting consumption due to rising inflation and interest rates, but some economists are wary that it is too early to conclude that consumer sentiment and the economy as a whole have fully recovered.
/yunhap news
