According to a recent report from the National Retail Federation, holiday spending is going to balloon this year. The study found that spending between November and December is expected to increase by about 4 percent compared to last year. The biggest jump is likely going to be in online spending — it’s expected to increase by almost 9 percent compared to 2022. One of the main drivers of that? Cyber Monday.
Cyber Monday is no longer just on the Monday following Thanksgiving. Best Buy, Amazon, and Target — just to name a few — have already launched their “Cyber Monday” deals. They did that, of course, to get you to spend more money. The longer the deals are out there, the more likely you are to cave to temptation. It’s not a bad gamble by retailers, either. According to a separate report, 83 percent of consumers said they were planning to start holiday shopping before Thanksgiving. Of course, you can use these longer sale windows to your advantage too. Take your time and shop around for the best prices available.
Now that you know there are deals to be had, the question is are Cyber Monday prices even worth it? In some cases, the answer is a definitive yes. A report from Adobe Analytics found that holiday discounts are expected to hit record highs this season, with the biggest discounts through the week after Cyber Monday. So yes, you can score some good deals this year. But as always, be mindful of your spending. If you spot a discounted item and it’s not on your holiday shopping list, maybe exercise some patience. Just because something is on sale during Cyber Monday doesn’t mean you have to buy it.
Do One Thing: Make a holiday shopping list and stick to it. Even if you spot good Cyber Monday deals.