Cyber Monday is stealing major spending away from Thanksgiving and Black Friday — and it’s morphing into a week-long event.
Brick-and-mortar sales stayed steady this year compared to Thanksgiving and Black Friday 2016, but Cyber Monday sales are expected to increase by more than 18 percent, according to Adobe Analytics. Shoppers are expected to spend $6.6 billion on Cyber Monday. Approximately 78 million people in the U.S. were expected to shop on Cyber Monday, according to the National Retail Federation, due in part to changing consumer power of generations.
On Cyber Monday, 49 percent of consumers started shopping early in the morning while 41 percent started in late morning, with 75 percent using their computers at home, 43 percent using a mobile device and 13 percent shopping on computers at work, according to the National Retail Federation.
» RELATED: Store theft on rise in past year
What’s really going on with Cyber Monday spending?
• Cyber Monday is morphing into Cyber Week, with retailers offering deals beyond Monday. Toys”R”Us, which filed for bankruptcy earlier this year, offered 15 percent items site-wide and another 25 percent off all Hasbro games online. Carter’s brand clothes was 60 percent off online.
• Elder-Beerman offered online shoppers access to an exclusive promo code for $50 off a $100 or more online purchase, and free shipping on any purchase of $25 or more. The deals will continue throughout the week for major retailers.
• Mobile also had a record day, Adobe found. Mobile sales on Cyber Monday reached $2 billion for the first time.
• The online deals come as economists expect online sales to surpass brick-and-mortar sales this holiday season for the first time in history. About 59 percent of consumers plan to shop online this year, according to the NRF. The trade group projects that holiday retail sales in November and December this year will be up between 3.6 percent and 4 percent for a total between $678.8 billion and $682 billion. Consumers say they will spend an average $967.13 this year, according to the annual survey conducted.
• Amazon saw a record weekend of shopping too. The online retailer said its Echo Dot was the best-selling product on Amazon worldwide. Customers purchased nearly three times as many Fire TV Sticks as in the same period last year. Fire TV continues to be the #1 streaming media player family in the U.S., U.K., Germany, and Japan, across all retailers.
FIVE FAST BUSINESS READS