This Cyber Monday is set to break records, with consumers projected to spend an astonishing $13.2 billion online, marking a 6.1% increase from last year. This surge in spending reflects the growing trend of online shopping, which has become a staple during the holiday season. Major retailers like Amazon, Target, and Walmart have kicked off their sales events, contributing to the excitement and urgency of the shopping day. Despite lingering inflation and rising credit card debt, consumer spending remains robust, with many shoppers opting for 'buy now, pay later' options to manage their holiday budgets. While the National Retail Federation anticipates a slight slowdown in overall holiday spending growth compared to last year, early indicators suggest a strong performance in e-commerce. Additionally, the shift towards online shopping has led to decreased foot traffic in physical stores, as consumers increasingly prefer the convenience of shopping from home.
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