Black Friday isn’t even here yet, but consumers have already racked up a $28.6 billion online shopping bill this month ahead of Cyber Monday. The amount spent this year is 18 percent more than at this point in November last year, according to a Adobe Analytics report released last Wednesday.
Quick math tells us that over a billion dollars have been spent every single day this month and, according to CNBC, spending is only going to get crazier. In comparison, last year spending exceeded $1 billion on “only” 19 of the first 21 days.
CNBC reports that Adobe expects Cyber Monday to be the biggest shopping day in history with an expected $6.6 billion in sales. This will contribute to projected online holiday sales of over $107 billion, an increase of 14 percent from 2016.
The insane amounts being spent online are likely due to strong economic indicators, said Tamara Gaffney, strategic insights engagement group director at Adobe. It doesn’t mean less is being spent in brick-and-mortar stores, just that more is being spent overall.
However, this crazy spending pales in comparison to Singles’ Day in China, the Chinese equivalent of Black Friday, when $25.3 billion were spent in just one day, according to the New York Times. $1 billion was spent in merely two minutes in 2017, blowing Thanksgiving spending out of the water.
If you’re looking to get in on the action and spend a little money, check out our Black Friday deals roundup here.
- Main & Featured Image: Sneakernews