Cyber Monday Sees Highest-Ever Haul

US consumer spending exceeded expectations on Cyber Monday as retailers enticed buyers with major discounting and promotions, according to Adobe.

E-commerce sales for the day grew 6% year on year to $11.3 billion, ranking it as the top-grossing 24 hours for online shopping in history. That figure is higher than the data provider’s original prediction of a 5% rise to $11.2 billion. Sales received a boost from toys, electronics, computers, sporting goods, appliances, books, and jewelry — the latter jumping 410% compared with an average day in October, Adobe explained.

Cyber Monday was the third major shopping day of the season on which sales hit record highs. Revenue on Black Friday rose 2.3% to $9.12 billion, while Thanksgiving sales advanced 2.9% year on year to $5.29 billion. Cyber Week spending — from Thanksgiving Day through Cyber Monday — totaled $35.27 billion, up 4% from a year ago.

Real demand, and not just higher consumer prices, was responsible for the rise in the value of Cyber Week spending, Adobe noted. Retailers helped stimulate this by offering unprecedented levels of promotions.

Electronics saw an average markdown of 25%, compared with 8% last year, Adobe reported. Toys were reduced by 34% versus 19% a year ago, and computers saw promotions at 20%, up from 10% in 2021.

“With oversupply and a softening consumer spending environment, retailers made the right call this season to drive demand through heavy discounting,” said Vivek Pandya, lead analyst for Adobe Digital Insights. “It spurred online spending to levels that were higher than expected and reinforced e-commerce as a major channel to drive volume and capture consumer interest.”

Including Cyber Monday’s total, consumers have laid out $107.7 billion since November 1, up 9% from last year. Some 20 days have exceeded $3 billion in online spending. Sales will climb 2.8% year on year to $210.1 billion over the full November-to-December period, setting a new record, Adobe predicted.

Image: Online shopping. (Shutterstock)