NEW YORK (AP) -- Days after flocking to stores on Black Friday, consumers were 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 percent 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 percent on products. Electronics, active wear, toys and health and beauty items were among those that provided a big boost, the two groups said.
Mastercard SpendingPulse, which tracks spending across all types of payments including cash and credit card, said overall sales on Black Friday rose 12 percent from a year ago. Sales at physical stores rose 12 percent, while online sales were up 14 percent.
RetailNext, which captures sales and traffic via sensors, reported that store traffic rose 7 percent on Black Friday, while sales at physical stores improved 0.1 percent from a year ago. However, spending per customer dropped nearly 7 percent as cautious shoppers did more browsing than buying. Another company that tracks store traffic -- Sensormatic Solutions-- said store traffic was up 2.9 percent on Black Friday compared to a year ago.
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.
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.