The War for your Wallets — Black Friday vs. Cyber Monday. Who Won?
Last week, I woke from my sleep with a hypnic jerk ‘cos of a nightmare — here I was, in a big retail store, full of stuff but no people, on a BLACK FRIDAY!! And as I sat up with a sigh of relief, I was figuring out which store that could be — a Toys R Us or a Radioshack?
The Great American Black Friday fallacy is was all about standing in line with your entire family from 3:00am, push and shove yourself into the store to get that doorbuster deal, and brag about things you bought that you really didn’t need, with money you really didn’t have, to impress people you really don’t like! So much for the holiday spirit.
But thanks to the new fallacy called Cyber Monday, the fear of losing out and irrational exuberance has now reached record levels.
Richard Thaler, one of the greatest Behavioral Economists and this year’s Nobel laureate in Economics had quipped — “The false assumption is that almost all people, almost all of the time, make choices that are in their best interest or at the very least are better than the choices that would be made by someone else.” In short, we are all humans with our own biases and now that we all have made those guilty purchases, let’s celebrate our free markets & capitalism!
While the jury is still out if Black Friday frenzy has been replaced with Cyber Monday screen oggling, here are five simple charts that can make sense of all the credit card debt you racked up this past Friday & Monday.
Cyber Monday is expected to become the largest online shopping day in history, generating $6.6 billion in sales, 16.5% growth vs. last year.
Based on Adobe Analytics, Adobe expects online sales to be $107.4 billion, an increase of 13.8%, while in-store retail is expected to be negative -10%
Sales on Thanksgiving Day are expected to increase 15% year-over-year to $2.8 billion.