Consumers May Spend Up to $7.8 Billion on Cyber Monday: Jim Cramer Takes a Look - TheStreet

Consumers May Spend Up to $7.8 Billion on Cyber Monday: Jim Cramer Takes a Look

After the impressive online sales figures posted on Black Friday and Thanksgiving, there are high hopes for Cyber Monday sales.
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Have you bought anything online in November?

If you have, then you're one of the consumers who has contributed to the $50.6 billion spent online from Nov. 1 to Nov. 25. 

Adobe Analytics released online sales numbers for Black Friday and preliminary sales numbers for Cyber Monday.

According to Adobe, over $531 million has been spent online as of 10 a.m. ET.

The numbers put Cyber Monday 2018 on track to have over $7.8 billion spent online, which would make it the biggest online shopping day in U.S. history. 

Over $2 billion of that is expected to come from smartphones. 

The weekend after Thanksgiving was the biggest online shopping weekend in U.S. history, with $6.4 billion spent online. 

Adobe says that it expects the hours of 10 a.m. to 1 p.m. to have online sales toppling $1.6 billion. The company notes that those hours are "the three golden hours of retail."

"Despite some of the best deals coming earlier in the holiday season, the Cyber Monday brand has great staying power. Many shoppers have waited on certain purchases, with three hours tonight expected to bring in as much revenue as an average full day," said Taylor Schreiner, dirctor at Adobe Digital Insights. "While certain discounts have remained since Black Friday, out-of-stock rates are starting to peak up and shoppers looking for the hottest products should not wait much longer."