Cyber Monday Forecast Boosted After Record Online Holiday Sales
- Chinese upstart Temu sees big gain in transaction size
- Buy-now-pay-later credit promotions helped drive sales
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US shoppers will spend as much as $12.4 billion online during Cyber Monday, according to Adobe Inc., which adjusted its initial forecast of $12 billion upward based on stronger-than-expected spending on Black Friday and the popularity of buy-now-pay-later features that let shoppers stretch their budgets with credit.
E-commerce consumers spent $8.3 billion as of 6 p.m. in New York, according to the latest figures from Adobe. The top-spending hour is usually from 10 p.m. to 11 p.m., according to the company’s analysts.