Cyber Monday online sales of $9.4 billion set to hit record highs

Adobe Analytics said online sales on Cyber Monday were on track to reach $9.4 billion, up 18.9 percent from a year earlier and set to hit a record high. As of 9:00 a.m. EST, consumers had spent $473 million on online shopping on Cyber Monday, according to Adobe Analytics. Network Monday sales last year were $7.9 billion.

This year, consumers began spending online long before Cyber Monday. Major retailers began promotions earlier this month, with queues at brick-and-mortar stores scarce on Black Friday.

Black Friday will be the busiest shopping day of the year in the United States, with consumers turning to online shopping and moving away from queues at offline brick-and-mortar stores. Online spending reached a record $5.4 billion, up 22.3 percent from a year earlier, according to Adobe data Sunday night.

Cyber Monday online sales of $9.4 billion set to hit record highs

Dana Telsey, chief executive of Telsey Consulting Group, said on Monday that Best Buy, Target, Walmart and Dick’s Sporting Goods and other big retailers have so far been the biggest winners of the holiday shopping season.

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