Cyber Monday 2022 Biggest Day for Online American Shopping Ever
All workers in the trucking industry may find themselves with intense work this holiday season despite record employment, as November 28th, 2022 was the biggest day for shopping in the United States ever, and most of it was done online.
Details
Cyber Monday, the first Monday after Thanksgiving, is the day of the year that generates the most online sales–Black Friday is still the overall king of sales, because it includes sales from physical retail locations.
According to Adobe, a company that tracks consumer spending during the holiday season, consumers spent $11.3 billion in Cyber Monday 2022.
This is hardly a surprise, as Cyber Monday sales numbers tend to constantly break records year after year. The only exception to this rule was 2021, which lost out to 2020’s record $10.7 billion to $10.8 billion.
In total, Adobe estimates American consumers will spend $210.1 billion online throughout November and December. With the last two months of the year being generally responsible for one-fifth of all consumer spending in a given year, annual consumption is expected to exceed the $1 trillion milestone.
Truckers Most Affected
This insane demand is no doubt going to put upward pressure on freight rates throughout the country, as consumers starving for deals due to rampant inflation throughout the economy rush to make bigger purchases that will last them longer than a year such as new dishwashers, video game systems, and clothes dryers. With most of these goods hauled by dry van, it will experience the greatest direct increase from the holiday season boom. Other freight rates will also increase as material and agricultural companies will need to offer a better rate to remain competitive. Freight rates are correlated with trucker wages, so fleets will not be the only ones profiting from this boon.
Conclusion
If this information is any indicator of what is to come, the trucking industry is headed for a fantastic December, even by December standards. We will let you know once the data comes out in January as to what impact this record-breaking holiday season will have on the growth of the trucking industry. For now, we have good reason to remain optimistic about the direction the industry is heading.
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