7 sources·Business

Retail Landscape Transformed as Cyber Monday Breaks Records Amid Economic Strain

U.S. retailers are relying on deep discounts amid changing consumer habits during the holiday season, with Cyber Monday achieving record online sales.

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Updated: Dec 3rd, 2024, 6:07 PM ET

Summary

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Despite lingering inflation, U.S. consumers engaged in record spending over the holiday shopping weekend, with discounts driving sales. Cyber Monday emerged as the largest online shopping day in history, while traditional retailers face fierce competition from discount outlets like Shein and Temu. Consumer spending habits are shifting towards value-oriented shopping as higher-income households increasingly utilize online purchases, with overall holiday spending projected to surpass previous years.

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Retail Landscape Transformed as Cyber Monday Breaks Records Amid Economic Strain - Pano News