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https://apnews.com/article/inflation-technology-health-prices-covid-b71d6c255573eff6c6f2eecb4318a689
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Haleluya Hadero
Haleluya covers Amazon, retail and technology.
masayetthhadero@ap.org
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CYBER MONDAY DEALS LURE IN CONSUMERS AMID HIGH INFLATION

By HALELUYA HADERONovember 28, 2022

In this Dec. 12, 2016, photo, a person searches the internet for sales, in
Miami. Days after flocking to stores on Black Friday, consumers are turning
online for Cyber Monday to score more discounts on gifts and other items that
have ballooned in price because of high inflation. Adobe Analytics, which tracks
transactions for top online retailers, forecasts Cyber Monday will remain the
year’s biggest online shopping day and rake in up to $11.6 billion in sales. (AP
Photo/Wilfredo Lee)

NEW YORK (AP) — Days after flocking to stores on Black Friday, consumers are
turning online for Cyber Monday to score more discounts on gifts and other items
that have ballooned in price because of high inflation.

Cyber Monday is expected to remain the year’s biggest online shopping day and
rake in up to $11.6 billion in sales, according to Adobe Analytics, which tracks
transactions at over 85 of the top 100 U.S. online stores. That forecast
represents a jump from the $10.7 billion consumers spent last year.

Adobe’s numbers are not adjusted for inflation, but the company says demand is
growing even when inflation is factored in. Some analysts have said top line
numbers will be boosted by higher prices and the amount of items consumers
purchase could remain unchanged — or even fall — compared to prior years. Profit
margins are also expected to be tight for retailers offering deeper discounts to
attract budget-conscious consumers and clear out their bloated inventories.

Shoppers spent a record $9.12 billion online on Black Friday, up 2.3% from last
year, according to Adobe. E-commerce activity continued to be strong over the
weekend, with $9.55 billion in online sales.

Salesforce, which also tracks spending, said their estimates showed online sales
in the U.S. hit $15 billion on Friday and $17.2 billion over the weekend, with
an average discount rate of 30% on products. Electronics, active wear, toys and
health and beauty items were among those that provided a big boost, the two
groups said.

INFLATION

ASIAN SHARES SINK ON REVIVED WORRIES OVER RECESSION, CHINA

JOBS REPORT TO SHOW WHETHER HIRING IS SLOWING AS FED WANTS

BIDEN, MACRON VOW UNITY AGAINST RUSSIA, DISCUSS TRADE ROW

CONSUMERS ARE SPENDING CAUTIOUSLY

Mastercard SpendingPulse, which tracks spending across all types of payments
including cash and credit card, said that overall sales on Black Friday rose 12%
from the year-ago. Sales at physical stores rose 12%, while online sales were up
14%.

RetailNext, which captures sales and traffic via cameras reported that store
traffic rose 7% on Black Friday, while sales at physical stores improved 0.1%
from a year ago. However, spending per customer dropped nearly 7% as cautious
shoppers did more browsing than buying. Another company that tracks store
traffic — Sensormatic Solutions — said store traffic was up 2.9% on Black Friday
compared to a year ago.

“Shoppers are being more thoughtful, but they are going to more than a few
retailers to be able to make a determination of what they are going to buy this
year,” said Brian Field, Sensormatic’s global leader of retail consulting and
analytics.

Danny Groner, a 39-year-old who lives in New York City, said he and his wife
want to get a new TV to replace one they’ve had for about seven years. He spent
some time on Monday searching for deals online and found some good discounts.
Still, he says he wants to be intentional about what he buys and doesn’t mind
spending a bit more for the right product.

Overall, online spending has remained resilient in the past few weeks as eager
shoppers buy more items on credit and embrace “buy now, pay later” services that
lack interest charges but carry late fees.

In the first three weeks of November, online sales were essentially flat
compared with last year, according to Adobe. It said the modest uptick shows
consumers have a strong appetite for holiday shopping amid uncertainty about the
economy.

Still, some major retailers are feeling a shift. Target, Macy’s and Kohl’s said
this month they’ve seen a slowdown in consumer spending in the past few weeks.
The exception was Walmart, which reported higher sales in its third quarter and
raised its earnings outlook.

“We’re seeing that inflation is starting to really hit the wallet and that
consumers are starting to amass more debt at this point,” said Guru Hariharan,
founder and CEO of retail e-commerce management firm CommerceIQ, adding there’s
more pressure on consumers to purchase cheaper alternatives.

SHIFTING DEMAND

This year’s Cyber Monday also comes amid a wider e-commerce slowdown affecting
online retailers that saw a boom in sales during most of the COVID-19 pandemic.
Consumers who feared leaving their homes and embraced e-commerce during the
pandemic are heading back to physical stores in greater numbers this year as
normalcy returns.

The National Retail Federation said its recent survey showed a 3% uptick in the
number of Black Friday shoppers planning to go to stores. It expects 63.9
million consumers to shop online during Cyber Monday, compared to 77 million
last year.

Amazon saw its retail business thrive during most of the pandemic, but much of
the demand waned as the worst of the pandemic eased. To deal with the change,
the company has been scaling back its warehouse expansion plans and is cutting
costs by axing some of its projects. It’s also following in the steps of other
tech companies and implementing mass layoffs in its corporate ranks. Amazon CEO
Andy Jassy said the company will continue to cut jobs until early next year.

Shopify, a company which helps businesses set up e-commerce websites and also
offers offline software, laid off 10% of its staff this summer.

The company said Monday that its merchants have surpassed $5.1 billion in global
sales since the start of Black Friday in New Zealand. And spending per U.S.
customer went up $5 compared to last year, said Shopify President Harley
Finkelstein.

Despite the bump, Finkelstein said shoppers were more intentional about their
spending this year and waiting for discounts before making a purchase.

____

AP Business Writer Anne D’Innocenzio contributed to this report.

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