On Cyber Monday, the tail-end of the holiday shopping kick-off, consumers are projected to spend between $12 billion and $12.4 billion, notching a new all-time record for the notable shopping holiday, according to recent data from Adobe.
The forecast, which outpaces Adobe's earlier projections, is being driven by ‘Buy Now Pay Later’ (BNPL) options as Americans grapple with high inflation.
According to Adobe, the flexible spending option is expected to see an all-time high on Monday, accounting for $782 million in online spending. That's up 18.8% from the same period a year ago.
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From Nov.1 through Nov 26. BNPL has driven $7.3 billion in online spending, up 14% year over year, according to Adobe.
This underscores how consumers are still trying to buy gifts while managing their debt obligations amid persisting inflation, high interest rates and resumed student loan repayments.
