(KRON) — Cyber Monday is known as one of the best days to get deals online, but with inflation on the rise, economists say this Cyber Monday may be different than in years past. Many gift-givers are holding back and buying less.
“The foot traffic was down, and that trend is probably with e-commerce as well,” said Robert Eyler, Sonoma State University economist. He said high everyday prices such as food and gas are forcing many people to prioritize their spending, but that does not mean holiday shopping is canceled altogether.
“Shoppers are more educated these days,” said Benny Boveda, San Jose State University business professor. He said although people may have less money to spend due to inflation, online deals like Cyber Monday allow shoppers to look around for the best prices.
Retailers are admitting they are flush with merchandise, which could mean some bigger deals on the horizon. “There could be some really big deals coming in mid-December,” said Boveda.
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No matter the deals, one rule is usually a good one to follow this time of year. “Spend what you can afford. Really think about what money you will need in the months to come,” said Eyler.