Cyber Monday Haul Largest in US History – Adobe

RAPAPORT… US consumers shelled out a record $10.8 billion on e-commerce purchases on Cyber Monday, which broke last year’s record to become the largest online shopping day in US history, according to Adobe Analytics.

Digital sales for the day increased 15% year on year compared with the $9.4 billion spent in 2019, Adobe said Tuesday. While the total figure is higher than any previously achieved, it is lower than the data provider’s original prediction of up to $12.7 billion in spending.

Including Cyber Monday’s total, consumers have laid out $106.5 billion over the holiday season. Shoppers are also spending at a faster rate, surpassing the $100 billion mark nine days earlier than last year.

Consumers spent $2.7 billion between 7 p.m. and 11 p.m. on the digital-sales day, accounting for 25% of the day’s total as they took advantage of time-sensitive deals. The peak shopping hour saw $12 million worth of goods sold per minute.

Large retailers experienced a 486% increase in sales on Cyber Monday compared to the daily average in October, while smaller retailers reported a rise of 501%, Adobe noted.

Total online sales for the November-to-December holiday period will climb 30% year on year to $184 billion, Adobe predicted. The figure is slightly lower than the 33% increase to $189 billion the company originally forecast.

“Cyber Monday continued to dominate the holiday shopping season, becoming the biggest online shopping day in US history, despite early discounts from retailers,” said Taylor Schreiner, director of Adobe Digital Insights. “Throughout the remainder of the holiday season, we expect to see record sales continue.”

Image: A woman shopping online on Cyber Monday. (Shutterstock)