Cyber Monday deals lure in consumers amid high inflation

NEW YORK (AP) — Days after flocking to stores on Black Friday, consumers are turning online for Cyber Monday (Nov. 28, 2022) 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. Some analysts expect the amount of items consumers purchase could remain unchanged – or even fall – compared to prior years. And profit margins are expected to be tight for retailers offering deeper discounts to attract budget-conscious consumers and clear out their bloated inventories.