Thanksgiving and Cyber Monday Sales Broke Records

Cyber Monday sales just broke a new record. Image Credit: Reuters, Adobe Analytics. Original Article Link: https://www.reuters.com/business/retail-consumer/cyber-monday-sets-sales-record-shoppers-splurge-toys-electronics-report-2022-11-29/

About 197 million Americans shopped during the five days, from Thanksgiving to Monday. They spent 235 dollars on average, and the top buys included apparel, toys, and electronics. Americans are now spending more on shopping than ever, and regular purchases are getting more and more costly. This new 'splurge mania' has been attributed to brilliant marketing techniques, as well as Artificial Intelligence, allowing retailers to get their products advertised to the right person. Retailers pulled off successful promotions and well-made marketing despite the relatively shorter shopping window. Cyber Monday saw a huge record; 13.3 billion dollars in online sales all in America. AI tools like chatbots help shoppers find deals quickly and easily. Shoppers also used 'buy now, pay later' (BNPL) services more frequently, allowing customers to purchase an item at the given moment, and pay for it in installments over later periods. This Thanksgiving weekend underscored the importance of both in-store and online shopping in driving holiday sales.