More than 72 million people are expected to shop during Cyber Monday, according to the National Retail Federation.
The end-of-year shopping surge provides a major boost for retailers.
"The last six weeks of the year makes a big difference," said Brian Miller, owner of Geppetto's Toys in San Diego. "It can make or break your year as a retailer."
Retailers already got a major bump from Black Friday spending. Consumers spent a record $10.8 billion online on Friday, according to Adobe Analytics. That's up more than 10% from last year.
"It's not only bonanza for the shoppers, but it's bonanza for the stores," said Professor Alan Gin of the University of San Diego's Knauss School of Business. "People have just gotten a misconception of what was happening. Yes, prices are up, but in this recent time period here, what we've seen is that wages have risen faster than prices have increased. So, people's real incomes have gone up."
Last month, consumer confidence hit its highest level in more than a year, according to the Conference Board, a nonprofit that tracks business and consumer sentiment.
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Americans are paying with plastic for a lot of their shopping. According to a survey from the National Retail Federation, 39% of shoppers said they plan to use credit cards for their holiday spending. More than one in four shoppers say they plan to take on some debt during the holidays — either by carrying a credit card balance or using a buy now, pay later service, according to Bankrate.
American credit card debt hit a record $1.17 trillion in the third quarter of this year.
Experts say setting a budget and sticking to it can help people from overspending and taking on debt during the holidays.
