Cyber Monday shoppers were expected to set a record on the year’s biggest day for online shopping

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Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. (be) part and parcel of (something) / pɑrt ənd ˈpɑr səl ʌv / (idiom) – to be an important or necessary part of something, which usually cannot be avoided
    Example:

    Exams are stressful, but they are part and parcel of school life.


  2. hype / haɪp / (n.) – excitement or attention about something, often making it seem better or more important than it really is
    Example:

    There was a lot of hype about the new movie, but I didn’t think it was that great.


  3. delinquency / dɪˈlɪŋ kwən si / (n.) – (of money or payment) the act of not paying money that is owed on time
    Example:

    The bank charges a fee for any delinquencies in credit card payments after the due date.


  4. foot traffic / fʊt ˈtræf ɪk / (n.) – the number of people walking through a place
    Example:

    The higher foot traffic to the store during the holiday season resulted in increased sales.


  5. indulge / ɪnˈdʌldʒ / (v.) – to allow someone to enjoy something special, often a treat or pleasure
    Example:

    On his birthday, Mark allowed himself to indulge in a day of fun activities and good food.


Article

Read the text below.

Even though e-commerce is now part and parcel of many people’s regular routines and the holiday shopping season, Cyber Monday—a term coined in 2005 by the National Retail Federation—has become the biggest online shopping day of the year, thanks to the deals and the hype the industry has created to fuel it.


Adobe Analytics, which tracks online shopping, expected consumers to spend a record $13.2 billion on December 2 (Monday), 6.1% more than last year. That would make it the season’s—and the year’s—biggest shopping day for e-commerce.


Online spending was expected to peak between the hours of 8 p.m. and 10 p.m. that Monday night, per Adobe—reaching an estimated $15.7 million spent every minute.


For several major retailers, a Cyber Monday sale is a dayslong event that began over the Thanksgiving weekend. 


Consumer spending for Cyber Week—the five major shopping days between Thanksgiving and Cyber Monday—provides a strong indication of how much shoppers are willing to spend for the holidays.


At the same time, credit card debt and delinquencies have been rising. More shoppers than ever are also on track to use “buy now, pay later” plans this holiday season, which allows them to delay payments on holiday decor, gifts, and other items.


Other data showed physical stores saw fewer customers on Black Friday, underscoring how the huge crowds that were once synonymous with the day after Thanksgiving are now more than happy to shop from the comfort of their homes.


RetailNext, which measures real-time foot traffic in stores, reported that its early data showed store traffic on Black Friday was down 3.2% in the U.S. compared to last year, with the biggest dip happening in the Midwest.


Jie Zhang, a marketing professor at the University of Maryland’s Robert H. Smith School of Business, told The Associated Press ahead of the post-Thanksgiving shopping weekend that he expected shoppers to “indulge themselves a bit more” when it comes to “self-gifting,” increasing interest in categories like self-care.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • Cyber Monday has become the biggest shopping day of the year. Why do you think people are drawn to sales and discounts like those on Cyber Monday? Do you think big shopping events like this encourage overspending? Why or why not? How do you think sales can create pressure to spend money? Discuss. 
  • At the same time, credit card debt and delinquencies have been rising. What are the advantages and risks of using “buy now, pay later” plans? How can people resist the pressure to buy things they don’t need during holiday sales? Discuss.

Discussion B

  • Professor Jie Zhang expected shoppers to “indulge themselves a bit more” when it comes to “self-gifting,” increasing interest in categories like self-care. Why do you think this trend has become popular? Do you often buy yourself a gift on special occasions? Why or why not? Discuss.
  • Experts observed a decrease in foot traffic in physical stores during major holiday sales. Do you think this trend is good or bad for businesses? Why? What would make you more likely to visit physical stores during big sales (ex. wanting to see items in person, few people in stores)? Discuss.