Economist: Shoppers aren't waiting for big deals due to shipping delays, inflation
Adobe Analytics is predicting a record-breaking $11.3 billion day for online retailers this Cyber Monday but some local economists say shoppers weren't waiting for the big deals this year.
National retailers reported retail foot traffic was 28% down this Black Friday compared to pre-pandemic levels. Online shopping on Friday took a small dip from a year ago.
"I would think that Cyber Monday will be another, just like Black Friday, it will be down compared to last year," said economics professor at Sacred Heart University Khajawa Mamun.
Mamun says shoppers were checking off their holiday lists early this year, amid fears about national shipping delays and inflation.
"People are looking at prices are going up, they're wanting to buy it as soon as possible. They're not waiting for prices to go up," said Mamun.
Mamun says Americans are spending money this year – just not all at once.
As more and more shoppers buy online, identity theft and fraud skyrocket at this time of year. State police say you should never give payment information to an unsecured site.
"Some of the things to look out for is the little padlock symbol when you go the website or when you go to cash out," said Sgt. Dawn Pagan.
Pagan says to shop online with a credit card so you can review possible fraudulent charges. She says if your identity is stolen, police want to hear from you.
Rutgers, Princeton requiring all students, staff to get boosted before return to campus at the end of the month