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Los,Angeles,-,Jan,10:,Kevin,O’leary,At,The,Abc<\/p>\n Los,Angeles,-,Jan,10:,Kevin,O’leary,At,The,Abc<\/p>\n
\u201cShark Tank\u201d investor Kevin O’Leary<\/strong> says AI-driven personalized offers helped boost Black Friday and Cyber Monday<\/a> sales, while warning shoppers to avoid taking on holiday debt amid rising credit card balances.<\/p>\n Credit Cards Called Costly Trap<\/strong><\/p>\n Speaking on Fox Business, O’Leary highlighted the unprecedented scale of online shopping during the Thanksgiving to Christmas holiday period. He noted that AI played a significant role in this surge, tailoring offers based on users\u2019 buying history across platforms like TikTok and Instagram. <\/p>\n The Canadian investor also called credit cards a \u201cdouble-edged sword,\u201d and cautioned against carrying balances at around a high 20% interest, calling it \u201cstupid.\u201d Even with increased holiday spending, 10\u201320% more from Thanksgiving to Christmas, having a payoff plan is essential, said O’Leary.<\/p>\n<\/p>\n Despite the surge in online spending, O’Leary also expressed concern about a growing trend among young people, particularly couples, to share a single credit card<\/a>, which he described as a \u201cbad trend.\u201d <\/p>\n The investor also advised against putting multiple cards online and recommended having a single card with a limited credit line to minimize potential losses in case of a security breach.<\/p>\n AI, BNPL Drive Holiday Spending<\/strong><\/p>\n The surge in online shopping during Black Friday and Cyber Monday was record-breaking this year. According to\u00a0Adobe Analytics<\/a>, U.S. shoppers spent $8.6 billion online on Black Friday, marking a 9.4% increase from the previous year. The final online sales for Black Friday were expected to reach between $11.7 billion and $11.9 billion, setting a new record for the holiday. The analytics also highlighted that the Cyber Monday sales hit $14.25 billion this year. <\/p>\n The same report also highlighted that Buy Now, Pay Later (BNPL) usage hit an all-time high, up 4.2% from last year, contributing more than $1 billion in online purchases on Cyber Monday. Adobe projects total BNPL spending to reach $20.2 billion by the end of the holiday season, an 11% jump from 2024.<\/p>\n The use of AI for product discovery and deal-hunting has significantly influenced consumer behavior, leading to a boom in\u00a0AI-driven shopping<\/a>. <\/p>\n