Early holiday shopping expected to take a bite out of Cyber Monday
RENO, Nev. (KOLO) - Experts have been saying “start your holiday shopping early” and shoppers have been listening.
According to Adobe Digital Economy Index, consumers are expected to spend between $10.2 billion and $11.3 billion on Cyber Monday.
Still, spending could drop from last year’s $10.8 billion as shoppers started buying early in response to the shipping crisis and early discounts.
Associate professor of supply chain management and business analytics at the University of Nevada, Reno, Ron Lembke says, he is one of the early birds.
“Watching everything going on, I have done way more shopping before thanksgiving than I would’ve had,” said Lembke.
He adds having early deals is not a new strategy for retailers.
“A few years ago I was buying a microwave and it was like the first day of November and they said, ‘Oh good news, our Black Friday deals are on’ and I’m thinking, ‘Black Friday? Halloween was yesterday, what do you mean?’ We’re just not doing door-busters these days,” said Lembke.
With the sense of uncertainty, the supply chain issues have brought to this year’s Christmas, retailers are trying to get their dollars while they can.
“So, they can get you to come the first week of November, they don’t care when you come, they care that you do come,” said Lembke.
Adobe says for the first time, discounts are expected to be weaker compared to a year ago.
“If they have something and other people maybe don’t, you don’t have to discount it as much as you would have,” said Lembke. “Retailers realized they are more in a situation of people are going to have to buy what we have.”
Lembke believes we will continue to see businesses offer discounts throughout the season.
He also expects supply chain clogs will make companies have a larger inventory in the future and bring some industries back to North America.
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