When you think about some of the biggest sales of the year, Cyber Monday probably makes the cut. Whether you’re getting ready to snag major deals on items you’ve been eyeing all year, or want to get holiday gifts for less, here’s what you need to know about the upcoming sales.
When is Cyber Monday?
Cyber Monday is a major retail event that takes place on the Monday after Thanksgiving. This year, Cyber Monday is Dec. 2. The online shopping event can be traced to 2005 when the National Retail Federation gave the day an official name.
What is Cyber Monday?
In some ways, it’s a byproduct of Black Friday, which was once primarily a brick-and-mortar shopping event.
“Black Friday started out as one day," says Samantha Gordon, a deals editor at Consumer Reports. "And then with the rise of the internet and online shopping, they've kind of realized, ‘Oh, we can capitalize on this. We can have an in-store day, and we can have an online day.'"
Cyber Monday trends over the years
Cyber Monday has grown in popularity over the years, so much so that it surpassed Black Friday sales in 2023.
Online shoppers spent $12.4 billion on Cyber Monday in 2023, compared with $9.8 billion on Black Friday, according to Adobe Analytics data.
Over the years, Cyber Monday, which was once reserved for online retailers, has become an event brick-and-mortar retailers participate in, says Gordon, who has been tracking the event for about eight years.
“It's becoming less of a digital-only kind of day where more in-store sales are starting to match what we're seeing online,” Gordon says. “It's becoming more like Black Friday in that way, where retailers are kind of looking for people to come into stores as well.”
Gordon says that you may still get a better price online, but you can capture some deals in physical stores, too.
Another trend that’s emerged over the years is Cyber Monday sales kicking off earlier. For instance, Walmart announced its Cyber Monday sale will start Sunday, Dec. 1. With that in mind, an earlier start doesn’t necessarily mean a better deal, especially if you decide to shop during the weekend after Black Friday.
How to prepare for Cyber Monday
It’s a good idea to prepare for Cyber Monday so you can shop as efficiently as possible. Efficiency might look like knowing the best items to buy, ensuring you’re working within a budget or planning for potential cart wars.
1. Set a realistic budget
The combination of sales and holidays can give you a dopamine rush, but remember to use a budget to ground yourself. Consider using a 50/30/20 budget template to ensure you aren’t taking money from your necessary expenses or cutting into money allocated for paying down debt and saving. The 50/30/20 method breaks spending into needs, wants and savings.
2. Compare prices
Seeing price slashes on Cyber Monday can create a sense of urgency and distract you from doing price comparisons. Use tools such as Google Shopping and Yahoo Shopping to consult prices at multiple retailers.
“It takes a few extra seconds, but it can make the difference in your budget of saving here or there, especially shopping online,” Gordon says.
While you’re at it, consider researching the product to ensure it’s what you want and need. Is it durable? Are the measurements ideal? What do reviews say? Returning items, especially bulky ones, can be a hassle during the holidays.
3. Pay attention to return policies
You may be buying items for yourself or gifts for others during Cyber Monday sales. Sometimes, returns are inevitable, which is why it’s smart to check the return policy before hitting “buy.”
“It's really important to make sure you're saving your gift receipts, especially if you're shopping in stores (and) saving your email confirmations in case returns need to be made,” Gordon says.
4. Decide on the best cards to use
Did you just open a new account and need to meet the minimum spend on a credit card to get a bonus? Do you have a card that gives cash-back rewards for spending? These scenarios are potential reasons to think about which cards you’ll use to shop on Cyber Monday. If you’re going to be spending money anyway, be strategic while shopping so you can end the year with cash or rewards.
